Rare Beauty's pledge to donate 1% of sales is "above gold standard," Chief Impact Officer says

Rare Beauty Chief Impact Officer Elyse Cohen told #FortuneMPW that the company’s pledge to donate 1% of sales is "above gold standard."

Transcript

00:00Every single thing this brand does has been driven by Selena from her story to her values to her

00:07vision. And so making a commitment like that before ever selling a product is something that's really

00:13bold and unique. We didn't know what the success of the business would be. And it can be risky to

00:18give away 1% of sales, not profit, sales before ever knowing what the business is going to look

00:26like. And for Selena, this brand has always been driven by mission first. The products can stand

00:33on their own, but truly the brand's mission and purpose and story is what makes the brand so

00:40unforgettable to our community. And so 1% of sales is bold. It's above gold standard as people look at

00:47sort of corporate philanthropy. And not only did Selena want to donate 1% of sales of her company,

00:55but she wanted us to also fundraise so that we could mobilize $100 million. This wouldn't just

01:00be a corporate philanthropy. This would be a true foundation through and through. And that's what

01:07it's been since day one.