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The alcoholic beverage market has a broad, multicultural fanbase, accruing $283.8 billion in revenue so far this year. However, the diversity of imbibers is not reflected in the industry itself. According to a study conducted this year by Pronghorn, Black consumers account for 12% of alcohol sales but only represent 7.8% of the workforce and 2% of executives.
So how can Black entrepreneurs get a seat at the table? By creating their own table—and with some help from fellow Black innovators in the spirits industry via Pronghorn. The independent company promotes diversity within the spirits industry by mentoring and investing in the future of Black founders, executives and entrepreneurs.
Pronghorn was co-founded by Dia Simms—CEO of Lobos 1707 Tequila & Mezcal (whose investors include LeBron James) and former president of Combs Enterprises (the business and investment company of rapper Sean Combs)—alongside fellow industry pros Erin Harris and Dan Sanborn.
Together, the trio established Pronghorn in 2022, intending to produce $2.4 billion for the Black community by investing in 57 Black-owned spirits brands by 2032. The initiative also ensures that 1,800 Black Americans will have the opportunity to work in spirits over the next decade.
“Pronghorn was established as a template on how to effectively diversify in the industry. It’s clear diversity is good for business, and how do we do it? How do we continually reinforce the idea that the best commercial for diversity is commercial success?” Simms told Adweek. “How do we help lead away from the industry approaching diversity as strictly a charitable endeavor, and lead toward the idea that investing in ensuring you have true diversity in your organization and community is almost always to the benefit of the community and the industry? There’s no better ad than results.”
A mighty mission
Simms learned about the spirits industry more than 20 years ago. She and her friends hosted large parties to draw in fun crowds while earning money. This entrepreneurial spirit compelled them to launch a marketing firm, Madison Marketing, with a focus on on- and off-premises spirits promotions in the Maryland/Washington D.C. area. for a client roster that included Seagram’s.
We have a lot of ground to cover, but we are patient as hell.
Dia Simms, co-founder, Pronghorn
In 2005, Simms took on the role of executive assistant to Sean “Diddy” Combs and quickly grew within his company. Then, in 2017, Simms became the first-ever president of Combs Enterprises and elevated Ciroc vodka from an unprofitable brand to a multimillion-dollar asset.
