Despite the prospect of facing backlash, beer maker Coors Light has taken a firm stance by remaining the primary sponsor of the Denver “Pride Parade,” underlining its commitment to supporting the LGBTQ community.
This step is significant given the backdrop of a rising wave of right-wing opposition to large companies that are seen as openly sexualizing their branding—a move that has led to calls for boycotting such brands.
This includes Coors Light’s market competitor, Bud Light.
The forthcoming Denver Pride Parade is expected to be the largest thus far.
According to the event organizers, there will be around 15,000 individuals participating in the parade, while more than 100,000 spectators are anticipated along the parade route.
Significantly, none of the major sponsors—a list which includes Target, Nissan, U.S. Bank, Absolut Vodka, Visa, and Wells Fargo—have voiced any apprehension about their association with the event, as noted by Rex Fuller, according to Axios.
Adam Collins, a spokesperson for Molson Coors, the parent company of Coors Light based in Chicago, did not discuss specifics about their sponsorship.
However, he stated that the company has been a long-time sponsor of the parade and will continue supporting LGBTQ pride “for decades to come.”
In contrast, certain brands have been pulling back from their support for the LGBTQ community, leading to significant losses.
Anheuser Busch, which owns Bud Light, along with Kohl’s and Target, experienced a considerable hit to their market value, amounting to a loss of $29 billion amidst the ongoing controversy.
In the aftermath of a boycott, Bud Light has been replaced as America’s top-selling beer.
Furthermore, amid threats to their workers by pro-transgender groups, Target removed its Pride displays, causing further outrage and criticism from both ends of the political spectrum.
Anheuser-Busch is still attempting to bounce back from consumer backlash following a Bud Light promotional campaign that involved Dylan Mulvaney, a transgender social media influencer.
After this controversial association, the company saw its stock price fall by about 15% with a substantial dip in U.S. sales.
Marcel Marcondes, Anheuser-Busch’s global chief marketing officer, dubbed the boycott a “wake-up call.”
Other companies also faced consequences for upsetting their primary customers.
Kohl’s and Target were called upon for boycotts following their decision to sell children’s apparel with LGBT and satanic themes.
As per the Axios report, since April, the collective market value of Anheuser-Busch, Kohl’s, and Target has decreased by $28.7 billion.
