Faces of Black Excellence History November 18, 2019 at 03:00 pm

Meet the only African American millionaires out of the over 4000 in the US immediately after emancipation

Mohammed Awal November 18, 2019 at 03:00 pm

November 18, 2019 at 03:00 pm | Faces of Black Excellence, History

Annie Tumbo Malone

Image result for Annie Turnbo Malone
Source: Vox

She was one of the richest African American women in the United States at one time just a generation after slavery had ended in the country.

Founder of an extremely successful line of hair-care products, Malone exhibited both a sharp mind for marketing as well as an overly generous cash disbursement policy.

As her business grew, Malone neglected to keep a tight rein on in-house finances, while at the same time bestowing large sums of money to worthy charitable organizations; such policies eventually spelled the end of her large enterprise.

Malone’s dramatic rise in the hair-care field has often been overshadowed by that of one of her former employees, Madame C. J. Walker, but it was Malone, historians assert, who developed the first successful formulas and marketing strategies aimed at straightening African American hair without damaging it.

Conversations

Must Read