Mary Kay Highlights Efforts to Advance Women Entrepreneurship Development Around the World Through Impact Partnerships
Mary Kay Inc., an ardent advocate of women's economic empowerment and gender equality, marks Women's Entrepreneurship Day today by reaffirming its global commitment to women entrepreneurs through external efforts and partnerships focused on elevating and advancing women entrepreneurship.
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Deborah Gibbins, Mary Kay's Chief Operating Officer (Photo courtesy: Mary Kay Inc.)
An entrepreneurship development company operating in nearly 35 countries, Mary Kay has empowered women and supported their entrepreneurial aspirations for almost 60 years. The company has collaborated with change makers through impact-focused partnerships around the world to help dismantle barriers to women's economic empowerment and accelerate women's inclusion in the entrepreneurship eco-system.
VALUE POTENTIAL AND CHALLENGES TO WOMEN ENTREPRENEURSHIP:
Expanding women's economic inclusion lifts families up, strengthens communities, and makes societies more resilient. Data shows that women tend to reinvest up to 90% of their earnings in their families and local communities.1 Research also shows that women-owned businesses, while disproportionately impacted by economic downturns are resilient, agile, and sustainable.2 Women-owned businesses often respond to crises through innovation tackling the most urgent global challenges including climate change and biodiversity loss.
Despite the evidence of the multiplier effect of women's entrepreneurship, women in business continue to face obstacles worldwide resulting from unequal access to capital, professional education, inclusion in the global value chain, and access to markets for their products and services. Compounding these barriers are unequal laws. The 2022 Women, Business and the Law Report found that nearly 2.4 billion women of working age still do not enjoy the same economic rights as men.3
The challenges are so great that the 2022 Global Gender Gap Report indicated that it will take a staggering 151 years to close the economic participation and opportunity gender gap.4
When women are excluded from the entrepreneurship eco-system, it means companies and investors are missing out on a huge investment opportunity. In Europe, for example, studies show that even though women get half the investment capital compared to men, their companies deliver twice as much revenue for each dollar invested.5
Aligned with its mission to enrich women's lives, Mary Kay and its partners are focused on advancing women entrepreneurship and supporting established or aspiring women entrepreneurs wherever they live.
Recognizing that women's empowerment and gender equality are critical enablers and accelerators in achieving the Sustainable Development Goals (SDGs), Mary Kay's 10-year sustainability strategy, launched in 2021 - Enriching Lives Today for a Sustainable Tomorrow - is underpinned by a strong gender equality lens and a key commitment to empower 5 million women worldwide by 2030 through key initiatives and partnerships. Advancing women's economic participation is not only good for sustainable growth but also ensures that no-one is left behind - a key principle of the 2030 Agenda for Sustainable Development.
"Inspired by our mission as an entrepreneurship development company founded by a woman for women, we believe we must invest in and empower women to realize the full benefits of their economic participation not only on the economy but on society at large. We are transforming the landscape for women entrepreneurs by addressing the barriers they face through key partnerships aimed at disrupting the status quo," said Deborah Gibbins, Chief Operating Officer at Mary Kay Inc.
NOTABLE ONGOING PARTNERSHIPS TO ADVANCE WOMEN ENTREPRENEURSHIP AROUND THE WORLD INCLUDE:
About Mary Kay
One of the original glass ceiling breakers, Mary Kay Ash founded her dream beauty company in 1963 with one goal: enriching women's lives. That dream has blossomed into a multibillion-dollar company with millions of independent sales force members in nearly 40 countries. As an entrepreneurship development company, Mary Kay is committed to empowering women on their journey through education, mentorship, advocacy, networking, and innovation. Mary Kay is dedicated to investing in the science behind beauty and manufacturing cutting-edge skincare, color cosmetics, nutritional supplements, and fragrances. Mary Kay believes in enriching lives today for a sustainable tomorrow, partnering with organizations from around the world focusing on promoting business excellence, supporting cancer research, advancing gender equality, protecting survivors of domestic abuse, beautifying our communities, and encouraging children to follow their dreams. Learn more at marykayglobal.com, find us on Facebook, Instagram, and LinkedIn, or follow us on Twitter.
1 Harvard Business Review. 2013. "The Global Rise of Female Entrepreneurs."
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