Nordstrom teams up with The Folklore Group to expand selection of brands owned by Black entrepreneurs
Nordstrom Partners with The Folklore Group to Boost Diversity and Inclusivity
In a significant move towards fostering a more equitable marketplace, Nordstrom has partnered with The Folklore Group. This collaboration, announced in mid-2022, aims to create a more diverse and inclusive environment within Nordstrom's offerings.
The Folklore Group, launched in 2018, has over 100 brands on its Connect platform, including Ashya, Nalebe, and Vavvoune. This partnership will help Nordstrom identify and engage with brands founded by Black, Latinx, Asian, and other people of color, as part of its renewed supplier diversity program.
Nordstrom's commitment to diversity is evident in its ambitious goals. In 2020, the retail giant pledged to deliver $500 million in sales from brands owned, operated, or designed by Black and Latinx individuals by 2025. By 2022, Nordstrom had already reached $247 million in retail sales as part of these goals.
The partnership between Nordstrom and The Folklore Group is more than just a marketing initiative. In June and July 2022, the two companies teamed up to launch multiple inclusive product collections, as evidenced by social media posts highlighting their collaboration and product launches during that period. The Folklore Group was also recognised as a partner for Nordstrom's "Style Lounge" event in 2022, further underscoring their ongoing collaboration to elevate diverse voices and suppliers within Nordstrom’s marketplace.
This partnership extends towards promoting underrepresented brands and creators, indicating an active role in fostering inclusivity in Nordstrom's supply chain and retail offerings. Nordstrom acknowledges the need to improve diversity in collaborations with its private-label bands, and this partnership with The Folklore Group supports these ambitions.
Nordstrom is grateful for its partnership with The Folklore Group, which provides additional resources for discovering and connecting with new-to-Nordstrom brands. The Folklore Connect platform, which includes brands founded by Black, Latinx, Asian, and other people of color, provides software for these inclusive brands to manage and scale their wholesale businesses. Retailers can use the platform to discover and shop those brands, furthering Nordstrom's commitment to a more equitable marketplace.
In 2021, Nordstrom became the first retailer to sign a 10-year agreement with the 15 Percent Pledge, committing to buy ten times more merchandise from Black-owned and -founded businesses by 2030. This partnership with The Folklore Group is a significant step towards achieving this goal.
Sources:
[1] Nordstrom's Supplier Diversity Program: https://stories.nordstrom.com/diversity/supplier-diversity-program [2] Nordstrom's Collaboration with The Folklore Group: https://www.businessof fashion.com/articles/retail-and-commerce/nordstrom-folklore-group-partnership-diversity [3] The Folklore Group's Partnership with Nordstrom: https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/19/the-folklore-group-partners-with-nordstrom-to-elevate-diverse-voices-and-suppliers/?sh=78c1b75c1181
- The collaboration between Nordstrom and The Folklore Group not only focuses on fostering diversity and inclusivity in Nordstrom's offerings, but it also extends to promoting underrepresented brands and creators.
- In addition to its partnership with The Folklore Group, Nordstrom has signed a 10-year agreement with the 15 Percent Pledge, aiming to buy ten times more merchandise from Black-owned and -founded businesses by 2030.
- In a bid to create a more diverse and inclusive environment, Nordstrom has identified and engaged with brands founded by Black, Latinx, Asian, and other people of color, as part of its renewed supplier diversity program.
- The partnership between Nordstrom and The Folklore Group is instrumental in Nordstrom's ambitious goals to deliver $500 million in sales from brands owned, operated, or designed by Black and Latinx individuals by 2025, a goal that they have already made significant strides towards achieving.
