In a surprising turn of events, Diarrha N’Diaye-Mbaye, a trailblazer among Black women entrepreneurs, has announced the closure of her acclaimed beauty startup. This decision comes after successfully raising over $3 million in venture capital, marking a significant moment in the beauty industry.
Founded in 2021, the brand focused on creating makeup products specifically designed for individuals with darker skin tones, addressing a common challenge faced by many consumers in finding suitable shades. The brand quickly gained popularity, especially among celebrities like Kelly Rowland and Mindy Kaling, and was available at major retailers. However, after just four years, the company is set to officially close its doors this September.
N’Diaye-Mbaye shared her thoughts on this difficult decision in a recent article, explaining that after exploring all possible avenues, it became evident that the current market conditions were not conducive to sustaining the business. Despite the substantial funding from various investors, including notable venture capital firms, the challenges of maintaining growth in a competitive landscape proved overwhelming.
The brand’s journey reflects a broader trend among Black-owned startups that emerged in the wake of social movements advocating for diversity and inclusion. While there was an initial surge of interest and investment, sustaining that momentum has been challenging. N’Diaye-Mbaye noted that the expectations from investors often clashed with the realities of running a consumer retail business, leading to increased pressure during periods of rapid growth.
Despite having a dedicated customer base, the brand struggled to compete against larger companies with more resources. The fluctuations in sales and production created a volatile environment, making it difficult to maintain a steady trajectory. N’Diaye-Mbaye expressed her frustration with the shifting attitudes of investors, who seemed to waver in their commitment to inclusivity and equity.
As the venture capital landscape for Black founders faces significant challenges, N’Diaye-Mbaye remains optimistic about the future. She concluded her announcement by emphasizing her belief in the beauty industry and her eagerness to explore new opportunities ahead.
While this chapter may be closing, the impact of her work and the conversations it has sparked will undoubtedly continue to resonate within the industry.