Ami Colé Shuts Down Amid Funding Crisis

Ami Colé: A Meteoric Rise and Sudden Fall The founder directly cited higher operating costs due to tariffs and a shift in investors’ attitudes, stemming from the massive push for inclusivity following the 2020 Black Lives Matter movement, as key factors behind the brand’s closure.

As support for racial equity initiatives faded in the corporate world, so did investor enthusiasm. Funding Drops Despite Influence and Demand This crisis is not limited to Ami Colé. According to Vogue Business, Black-founded beauty brands raised just $16 million in 2024—a mere 5.36% of total U.S.

beauty industry funding—down sharply from $73 million in 2022. Meanwhile, Black consumers spent $9.4 billion on beauty products in 2023, with no signs of slowing down. As black women, we’re not just consumers, we’re also culture drivers.

But yet… the industry often puts us on the sidelines, whether it’s funding or research and development for products, said Sochi Mbadugha, President of Topicals…