Heineken CEO Has Some Harsh Criticism For Bud Light's Actions
Heineken says that it will stand on its principles and values.
Investors will have a chance to hear directly from Anheuser Busch InBev (BUD) - Get Free Report executives this week about their thought process surrounding their ill-fated Bud Light marketing campaign.
While the company isn't scheduled to report earnings until August 3 before the opening bell, rivals like Heineken (HEINY) - Get Free Report have already released their results and the media is curious about the company's take on Bud Light's situation.
DON'T MISS: The Bud Light Controversy and Its Impacts Explained
"Yes, particularly in the Western world, we do see a lot of polarization in society and that is affecting all players, all actors in society, also businesses and brands. And as such, you have to be thoughtful , you have to be balanced. But at the same time you have to stand for your values and your principles," CEO Dolf van den Brink said.
"So far, I'm proud of how our brand teams across our operating companies are navigating this new world."
Bud Light has dominated the U.S. beer market for decades, but a large section of the brand's fanbase decided to boycott the beer following the company's latest attempt to reach out to the LGBTQ+ community.
Bud Light has had numerous pro-LGBTQ marketing campaigns in the past, but transgender influencer Dylan Mulvaney's Bud Light can was apparently a bridge too far for the fanbase.
The company has since distanced itself from Mulvaney and the marketing campaign, while also firing C-suite executives responsible for the campaign.
Bud Light is no longer the country's most popular beer as sales have fallen more than 20% year-over-year since customers began boycotting.
Modelo Especial was the United States' most popular beer during the Fourth of July holiday period after figures from Nielsen IQ data, provided by Bump Williams Consulting, showed that Bud Light sales dropped 23.6% year-over-year.
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