Beer giant Anheuser-Busch InBev SA BUD has seen its Bud Light brand suffer a sales decline on the heels of boycotts and controversy. The brand has been targeted by musicians, politicians and others and lost it top-selling beer status.
A person associated with the original controversy took a shot at the beer brand Sunday.
What Happened: Bud Light partnered with transgender influencer Dylan Mulvaney on a commemorative beer can that she revealed on social media.
The beer can drew harsh criticism and accusations that Bud Light and parent Anheuser-Busch InBev had gone “woke,” prompting boycotts across the country.
In an interview in June, Anheuser-Busch US CEO Brandon Whitworth, the executive faced questions about the relationship.
“Just to be clear, it was gift and it was one can,” Whitworth said at the time.
Whitworth avoided several questions on whether it was a mistake to work with Mulvaney and if the company and the activist would work together again.
“There’s a big social conversation going on right now. It’s moved away from beer and Bud Light doesn’t belong in this divisive conversation.”
Months after the controversy began, Mulvaney was recognized with an award for her work on social media.
Mulvaney won the “Breakout Creator” award at the 2023 Steamy Awards, which took place Sunday.
During her acceptance speech, Mulvaney acknowledged the controversy and the backlash she has received, according to the New York Post.
“My life has been changed for the better, but also there’s been an extreme amount of transphobia and hate, and I know that my community is feeling it, and I know that even our allies are feeling it,” Mulvaney said.
After her speech, Mulvaney made a quick joke about the controversy.
“I’m gonna go have a beer and…I love ya.”
Related Link: Bud Light's Fall Continues With Fourth Place Ranking While Rivals Hit 52-Week Highs
Why It’s Important: The joke from Mulvaney and comments on the controversy comes after the influencer spoke out about being abandoned by Bud Light.
Mulvaney said in June that she received “more bullying and transphobia” than she could imagine, according to the Associated Press.
Anheuser-Busch InBev has seen sales of the Bud Light brand fall drastically, losing market share to rivals like Constellation Brands, Inc. STZ and Molson Coors Beverage TAP.
Bud Light has tried to distance itself from Mulvaney and her joke about having a beer without naming Bud Light could be the latest sign that the relationship is tarnished.
The beer brand may have problems now on both sides of the spectrum, angering the crowd accusing the company of being woke and angering the LGBTQ+ community by not sticking by Mulvaney.
Bud Light is trying a large marketing campaign with musicians and the National Football League in an attempt to win back fans.
The company’s recent quarterly earnings report saw second-quarter revenue miss analysts’ revenue estimates and volume down 1.4% year-over-year.
While many are still boycotting the Bud Light brand, one of the people who spoke out first and encouraged boycotts might have caved and started drinking the popular beer once again.
BUD Price Action: Anheuser-Busch InBev shares traded at $57.06 Monday versus a 52-week trading range of $44.51 to $67.09. Shares of the beer giant are down 4% year-to-date.
Constellation Brands and Molson Coors shares were up 15% and 27%, respectively, year-to-date.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
