Lost Fortunes: The Wealthy Black Women Who Built Empires Before the Civil Rights Act—And Where Their Wealth Went (Part 12/28, Eunice W. Johnson)

Eunice Walker Johnson: The Fashion and Publishing Mogul Who Redefined Black Excellence

“I would describe my mother as a steel magnolia. She was very intelligent, very persuasive.” - Linda Johnson Rice

The Fashion and Publishing Mogul, Eunice W. Johnson. she built an empire that shaped Black culture and style from the 1940s onward. Through publishing, cosmetics, and high fashion, she amassed significant wealth. However, after her passing in 2010, financial struggles led to the decline of Johnson Publishing Company. This article explores how Eunice W. Johnson acquired her fortune, spending and investments, and what ultimately happened to her wealth.

Born in Selma, Alabama, into an affluent (upper-middle-class) family, Eunice Walker Johnson grew up with strong values in education and culture. Her father was a surgeon, and her mother was an educator, ensuring she had a foundation of academic excellence. Johnson earned a bachelor's degree in sociology with a minor in art from Talladega College and later pursued a master's in social work from Loyola University in Chicago. It was during her studies at Loyola that she met John H. Johnson, a young, ambitious entrepreneur who would become her husband and business partner.

How Eunice W. Johnson Built Her Wealth

In 1942, with a $500 loan using John H. Johnson's mother's furniture as collateral, the couple launched Negro Digest. Within a year, the publication reached a circulation of 50,000. Recognizing the need for a magazine that celebrated Black excellence, they launched Ebony in 1945. The first issue sold out almost immediately. In 1951, they introduced Jet magazine, a weekly news magazine that quickly became a staple in Black households.

As Secretary and Treasurer of Johnson Publishing Company, Eunice played a pivotal role in shaping the company's editorial vision. She helped cultivate an image of sophistication and success in Black America, attracting major advertisers and turning the publishing house into a multi-million-dollar empire.              

In 1958, Eunice Johnson launched the Ebony Fashion Fair, a traveling haute couture fashion show that brought luxury to Black audiences across the U.S. and internationally. Featuring designs from top fashion houses like Christian Dior, Yves Saint Laurent, and Valentino, the show became a cultural phenomenon. Not only did it raise millions for scholarships and charities, but it also created opportunities for Black models and designers. Over its 50-year run, the Ebony Fashion Fair raised an estimated $55 million for charitable causes and became a cornerstone of Black fashion and philanthropy.

Recognizing the lack of cosmetics for Black women, Eunice Johnson founded Fashion Fair Cosmetics in 1973. The brand became a game-changer, offering luxury beauty products designed for deeper skin tones. Sold in high-end department stores like Saks Fifth Avenue and Neiman Marcus, Fashion Fair generated millions in revenue and solidified Eunice Johnson as a powerhouse in the beauty industry.

A Life of Status, Luxury, and Influence

With her immense success, Eunice and her husband lived lavishly. Their Palm Springs mansion, located near Bob Hope's estate, was a testament to their wealth. Their Chicago home was filled with works from renowned artists like Pablo Picasso and Henri Matisse. The headquarters of Johnson Publishing, which Eunice designed, was a masterpiece of luxury, featuring bold colors, avant-garde furniture, and an extravagant cafeteria that hosted international celebrities. Her annual wardrobe reportedly cost $1.5 million.

John H. Johnson became the first African American to appear on Forbes magazine's list of the 400 wealthiest Americans, cementing their place in history as one of the richest Black families in America.

What Happened to Eunice W. Johnson’s Wealth?

Despite decades of success, Johnson Publishing began facing financial difficulties in the 2000s. The rise of digital media and declining magazine sales took a toll on the business. John H. Johnson passed in 2005 and after Eunice's passing in 2010, the company struggled to remain profitable. In 2010, the company also sold its iconic 11-story headquarters on South Michigan Avenue in Chicago to Columbia College.  In the preceding year, in 2009 Ebony Fashion Fair came to an end when the Great Recession forced the Johnson Publishing Company to cancel the show’s fall 2009 season.

Key events in the company’s decline include:

• 2016: Ebony and Jet were sold to a private equity firm, CVG Group.

• 2019: Johnson Publishing filed for bankruptcy, leading to the sale of its historic photo archive for $30 million.

• 2021: Fashion Fair Cosmetics was revived under new ownership after financial setbacks.

Family and Inheritance

Eunice W. Johnson and John H. Johnson had one surviving heir, their daughter, Linda Johnson Rice and one granddaughter. She played an active role in the family business and served as chairwoman & CEO of Johnson Publishing Company. Among the assets she inherited was the Palm Springs family mansion, purchased in 1974, which she listed for $5.3 million in 2019. However, the majority of the publishing empire’s wealth diminished due to financial struggles.

In 2019, Linda Johnson Rice stepped down from the board of Ebony Media, marking the final chapter of her family's ownership of Ebony and Jet.

Legacy and Impact 

Though much of Eunice W. Johnson’s wealth did not survive, her contributions to media, fashion, and beauty remain undeniable. She created a space where Black excellence thrived, broke barriers in the fashion world, and built a publishing empire that empowered generations. Today, her influence is still felt through the legacy of Ebony, Jet, and Fashion Fair Cosmetics.

Her story is a testament to the heights Black women have reached despite the odds—and the financial challenges that sometimes followed. Eunice W. Johnson may not have left behind an enduring fortune, but she left behind something far more valuable: a legacy of representation, empowerment, and elegance that continues to inspire.

This is a financial education series of TheNewLavilla.com. Find us @TheNewLaVilla on Facebook and LinkedIn.