Do you believe that Lowe’s is black-owned? If so, then you’re not alone. With everything from their commercials with music stars like Drake to a holiday-themed pop up shop in SoHo, the company has been working hard to cultivate an urban image in recent years.
So is Lowe’s black owned? Lowe’s is not black owned; it is a privately-owned company. Marvin Ellison, who is African American, is the current CEO of Lowe’s, but this doesn’t mean that it’s black owned. Lowe’s has a huge range of owners and it also employs many different races and ethnicities.
It’s always a pleasant surprise to find out that a household brand is run by African Americans. With black-owned businesses few and far between when the conversation turns to big-name retailers, it’s always something of intrigue to learn that Lowe’s is one of them.
So, who owns Lowe’s?
Well, we’ll give you some information on that later in this guide. But first, we need to talk about why you might classify Lowe’s as black owned.
We’ll also go into Marvin Ellison, CEO of Lowe’s Home Improvement, and the history of the company.
Ready? Let’s get started!
Is Lowe’s Black Owned?
Rumors have long circulated about Lowe’s being black-owned.
Many people believe that the company is not black-owned because a majority of the owners are not black. However, there is an argument to be made on behalf of those who say it may be black-owned because of its public ownership.
We’ll go into further detail about Lowe’s public ownership later on, but in theory, Lowe’s could be black owned, albeit indirectly.
This is all due to Marvin Ellison, who has steadily risen through the ranks as an executive at Lowe’s to become the company’s CEO. While the CEO may not be the owner of the company, he is the one who directs the company, and to some extent, decides its future, and this is an impressive achievement when you consider the rarity of black CEOs in major American companies.
The CEO of Lowe’s is black and thrives in an environment that is unfriendly to African Americans. Marvin Ellison has steadily risen through the ranks as an executive at Lowe’s to become the company’s CEO, with a salary of $1.5 million per year. He is not only a successful man but also encourages many other people by affirming their identities as equals while doing his job well.
At the end of the day, whether or not Lowe’s is black owned is up to how you would define a company’s ownership. While the owners of this company may not strictly be black, the most important executive is, and that certainly counts in our book.
If you think Lowe’s is black owned because the CEO is African American, then you are wrong. But if you think it’s black owned because it is a minority-owned business?
Well, in that case, I would have to say yes.
In the United States, the definition of minority-owned can be very broad. As seen in this large study from the Department of Commerce, it would seem that any company with 33% ownership is considered minority owned.
Now, I’m not going to get into the politics behind determining what percentage threshold constitutes minority because I am really looking at a much more simple issue. Does Lowe’s count as being a minority-owned company for the purposes of this website?
Well, if 33% or greater ownership automatically makes a company black (or any other color) owned then I would have to say that yes, it does.
In conclusion, you may have noticed that Lowe’s is not black-owned. However, the company has been working hard to cultivate an urban image in recent years with commercials and holiday pop ups shops.
Hopefully, as the company continues to grow, it will have a more diverse workforce and perhaps even minority owners.