BUSINESS

Photo by Andras Vas on Unsplash Magnum Ice Cream has apologized for an ad on Spotify which compared the “guilty pleasure” of eating one of its desserts to being arrested for being gay. Said the narrator in the ad, which aired in the UK: “A hug for my boyfriend—that’s my guilty pleasure.” And the punchline: “Because in my country, just a simple hug with the man I love could send me to prison for more than 10 years.” That didn’t go over too well with a lot of people. I know most of...

Equinox executives tried to alleviate panic among employees freaked out that gym members were canceling memberships in the wake of news that Chairman Stephen Ross was holding a Trump fundraiser in the Hamptons. The Cut reports on the call and has details: “In the days since the Washington Post first reported Ross’s fundraiser for Trump, employees have called for protests and swarms of people have canceled their memberships, compelling Equinox president Scott Rosen and COO Judy Turchin to hold a call to assure employees with messaging of unity and company values. And yet, they attempted to...

More consumers want companies to address societal problems, including climate change and crumbling infrastructure. Additionally, more than half want to buy from brands that take stands on social issues. At the same time, consumers are increasingly skeptical about these partnerships, seeing them as marketing stunts. It’s called wokewashing. I’m a professor of brand responsibility, and my forthcoming research investigates brands and their relationships with social issues, including the importance of both allies and advocates. Allies or advocates In marketing terms, allies are members of a dominant social group that bring...

Lizzo’s moment has come. Last week she wowed the internet in NPR’s Tiny Desk concert, and now she’s taking over the spirits industry with a marketing drive that puts “Juice” her song of the summer contender, to the vodka shelf. Said Lizzo of her new “When I heard Absolut was launching a new product called, ‘Absolut Juice’ it was like they made it just for me! It’s an honor to celebrate the success of my first single with Absolut’s new product launch and the synergy is almost too perfect. I...

The Related Companies blocked access to a list of its brand subsidiaries including Equinox and SoulCycle gyms, after news broke that owner and chairman Stephen Ross was hosting a Donald Trump fundraiser in the Hamptons on Friday. After the news broke, calls for a boycott of the luxury gyms rang out, prompting a statement from the gyms about Ross’ involvement. The gyms are far from the only properties owned by or attached to Related, which include Hard Rock Stadium, the &pizza chain, Bluestone Lane Coffee, the Momofuku restaurant chain, the...

News of a Republican fundraiser to be held by a business mogul in aid of Donald Trump’s reelection campaign has sparked immediate calls for a boycott of two fitness companies. Stephen Ross, a real estate mogul and private investor, is the chairman of Related Companies, the parent company of fitness brands SoulCycle and Equinox. Ross, who is worth nearly $10bn, is hosting a fundraiser for Trump on Friday (August 9) at his mansion in The Hamptons, according to the Washington Post. LGBT+ customers of Equinox and SoulCycle are boycotting the...

Barneys New York, a retail stalwart for nearly a century, has filed for bankruptcy. Barneys has filed for bankruptcy. Rent is an issue, but so is the business model. CEO Daniella Vitale previously told employees “the entire industry is in survival mode.” https://t.co/6pSy2qdp8X— Lauren Hirsch (@LaurenSHirsch) August 6, 2019 CNBC reports: “The retailer said it will focus on running only 5 of its more than 10 namesake stores: on New York’s Madison Avenue, in downtown Manhattan, Beverly Hills, San Francisco and Copley Place. It will also keep open its Barneys...

A Coca-Cola campaign featuring gay couples has inspired calls for a boycott from conservative lawmakers in Hungary, but the brand is refusing to back down from its “Love is Love” message. The Budapest Business Journal reports that Fidesz MP István Boldog, who earlier this year called for a ban of the Budapest Pride Parade, is spearheading a petition and boycott against the brand for the posters, calling for their removal. The posters are part of a “Love Revolution” campaign centered around Budapest’s Sziget music festival, which takes place this week....

Earlier this year we reported that Grindr, the leading gay social app, was up for sale by Kunlun, the Chinese firm which acquired it in 2016, after a U.S. Government panel said it is a “national security risk.” The company’s plans for an IPO, which had been put on hold, are now reportedly back on. CNBC reports: ‘Kunlun said in May it had agreed to a request by the Committee on Foreign Investment in the United States (CFIUS) to sell Grindr, setting a June 2020 deadline to do so and putting preparations for an...