Women-owned Firms in Focus for WEConnect International Members

Ten of WEConnect International member organizations have collectively committed to source at least $22.4 billion in goods and services by 2025 from companies with diverse ownership, with a focus on women-owned firms.

WEConnect International is a member-led, global non-profit that brings motivated, large corporate, multilateral and government buyers together with qualified women-owned suppliers around the world. It works with over 150 multinational buying organizations, with over $1 trillion in annual purchasing power combined, that have committed to sourcing more products and services from women-owned businesses based in over 130 countries.

Sanofi announced today their global commitment to double their woman-owned business spend by 2025 and to spend over 1.5B euros (US$1.7 billion) with small and diverse businesses by 2025. This will represent more than 20% of Sanofi’s addressable spend. 

“We’re tackling the challenges facing women participating in the global marketplace through our partnership with WEConnect International. We´re committed to doubling our spend with women-owned businesses to support women’s economic empowerment,” says Jean-Baptiste de Chatillon, Chief Financial Officer, Sanofi. “By expanding our gender inclusive procurement policies and practices we´ll help ensure that women-owned businesses have equal chances to compete for contract opportunities.”  

Representing some of the largest companies in the world, the member buyers—Diageo, Goldman Sachs, Intel, Johnson & Johnson, Kyndryl, Logitech, Moody’s, P&G, Sanofi and Unilever—each specifically noted the importance of buying from women-owned businesses to drive business growth, as well as the value of working with WEConnect International to identify suppliers that are verified women-owned businesses.  

“We are thrilled that 10 of our member buyers have made a public commitment to increase their spend with women business owners around the world,” said Elizabeth A. Vazquez, CEO and Co-Founder of WEConnect International. “We recognize that these leaders have taken bold actions, and we look forward to working with them as they ramp up their buying from women suppliers with the goal of driving greater socio-economic equity in communities around the world.”  

Diageo committed to spend 10 per cent with diverse suppliers and agencies globally by 2025 and 15 per cent by 2030.  Goldman Sachs committed to increasing its spend with small and diverse vendors, which includes women-owned businesses, by 50 per cent by 2025. Intel committed to a goal of spending $500 million annually with women-owned businesses by the end of 2025. Johnson & Johnson committed to a 20 per cent increase global impact spend with small and diverse suppliers by 2025. Logitech initiated a process to achieve a 10 per cent year-over-year spend growth with women-owned businesses within its indirect spend whereas Procter & Gamble has made commitment to spending $10 billion with women-owned and women-led businesses by 2025. Unilever has also pledged to commit $2 billion Euros with diverse businesses by 2025.