After all the controversy, Jay Z smells success.
The rapper/businessman’s charity, The Shawn Carter Foundation, earned over a whopping $1 million, a total that will successfully send many underprivileged kids to college through his joint venture with Barney’s department store in New York. The total stems from Jay and Barney’s 6-week collaboration with the regional luxury chain during the holiday season.
These numbers come after Jay was pressured by many to back out of the deal, but decided not to when Barney’s came under controversy for two incidences of racial profiling when two black customers claimed they were targeted as having shoplifted after rightfully purchasing items.
Excerpts from Jay’s official statement afterward read: ''I am against discrimination of any kind, but if I make snap judgments, no matter who it's towards, aren't I committing the same sin as someone who profiles?'' He continued “I am in a unique position to use my voice to affect change to this disturbing issue. The easy position would have been to walk away and leave policy making to others hoping that someone addresses the problem. … I will take this into my own hands with full power to recommend, review and revise policies and guidelines moving forward. I am choosing to take this head on.”
As a result, Jay decided to change the stipulations of the deal: instead of bagging only 25 percent of the profits for his charity, he demanded his foundation get 100 percent of the profits, ultimately amping up the profits quicker. Reports say that actress Gwyneth Paltrow alone spent around $100,000 on items from the collection. He also put in place a program “specifically convened to deal with the issue of racial profiling.”
You may know Jay Z as a rapper, entrepreneur, and husband to Beyoncé. But did you know that he’s also making a difference through his business ventures?
One of his most recent collaborations with luxury department store Barney’s has raised over $1 million for charity. Jay Z teamed up with Barney’s in 2013 to create a holiday collection featuring exclusive clothing and accessories.
However, the collaboration was met with controversy when two black customers were detained and accused of credit card fraud after purchasing items from the collection. Despite this setback, Jay Z followed through on his promise to donate 100% of the profits from the collection to charity.
The money went towards organizations such as The Shawn Carter Foundation, which provides education opportunities for underprivileged youth, and The Trayvon Martin Foundation, which works towards ending senseless gun violence.
Jay Z’s Collaboration with Barney’s for Charity
You’ve got to admit, Jay Z’s collab with Barney’s for charity is pretty impressive – it raised over $1 million!
The rapper teamed up with the luxury department store in 2013 for a holiday collection called ‘A New York Holiday,’ which included limited edition items from designers like Balenciaga and Lanvin.
But what made this collaboration special was that 100% of the proceeds went to the Shawn Carter Foundation, which helps underprivileged youth pursue higher education.
It wasn’t just about selling expensive clothes though. The partnership also sparked a conversation about racial profiling after two black customers were detained by police for buying pricey items at Barney’s.
Jay Z responded by releasing a statement saying he was ‘not making a dime’ from the collaboration anymore and promised to use his influence to address the issue.
He even met with civil rights leaders and helped create a council to oversee diversity at Barney’s.
Despite the controversy, Jay Z and Barney’s managed to raise $1.2 million for charity through their collaboration.
It may have been just one holiday collection, but it shows how powerful fashion can be when used for good.
And who knows? Maybe more designers will follow suit and donate their profits to important causes in the future.
Using Business Ventures for Social Good
Take a moment to imagine how impactful it can be when businesses use their resources to make a positive change in society. It’s not uncommon for companies to focus solely on profits, but many are starting to realize the importance of giving back.
By using business ventures for social good, companies can create a positive impact on society while also benefiting themselves.
One way businesses can do this is by partnering with charities or non-profit organizations. This type of collaboration allows both parties to benefit: the charity gains exposure and funding, while the company gains positive PR and an opportunity to give back. It’s a win-win situation that has already proven successful for many companies.
Another approach is for businesses to incorporate social responsibility into their core values and mission statement. By making social good a part of their brand identity, companies can attract socially conscious consumers who want to support businesses that align with their values. This not only benefits the company financially, but also helps promote positive change in society as more people become aware of important issues and take action towards creating a better world.
Conclusion
Congratulations! You’ve just learned about Jay Z’s impressive collaboration with Barney’s that raised over $1 million for charity.
This is a great example of how business ventures can be used to do social good. As an entrepreneur, you have the power to make a difference in your community and beyond.
Consider partnering with a charity or nonprofit organization to give back while growing your business. By using your platform for positive change, you not only make a difference in people’s lives but also set an example for others to follow.
Remember, success is not just measured by profit or fame but also by the impact you have on society. So keep striving towards making the world a better place, one business venture at a time!
