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CNN
3 days ago
- Business
- CNN
Big brands are staying quiet this Pride Month
For the last several years, Pride Month was a splashy marketing event for big brands. Stores adorned windows with rainbow flags, displayed LGBTQ-themed t-shirts and coffee mugs at their entrances, changed their logos on social media accounts, and spotlighted donations to LGBTQ rights groups. But this Pride Month, many retail chains and brands are going quiet. Companies are treading lightly, avoiding prominent campaigns and visible public support. Thirty-nine percent say they plan to scale back public Pride Month engagements this year, according to a survey of more than 200 corporate executives by Gravity Research, a risk management advisory. That includes sponsoring Pride events, posting supportive messages of LGBTQ rights on social media and selling Pride-themed merchandise. Consumer brands are wary of provoking right-wing customers and activists, and they fear reprisals from President Donald Trump's administration. Federal agencies have threatened to investigate companies with diversity, equity and inclusion programs. Many businesses are tightening their advertising spending due to economic uncertainty over Trump's tariffs. But businesses cited pressure from the Trump administration as the primary reason for changing their Pride Month approach, according to the survey. 'It's clear that the administration and their supporters are driving the change,' said Luke Hartig, the president of Gravity Research. 'Companies are under increasing pressure not to engage and speak out on issues.' The subdued approach marks a shift for businesses, which used to turn the annual June celebration of LGBTQ Americans into a branded holiday. It's part of a broader pivot in corporate America, with many businesses scrapping some of their programs to advance diversity in the workplace under pressure from the Trump administration and Republican activists. Advocates for gay, lesbian and transgender Americans say the Trump administration's opposition makes it harder for businesses to compete, innovate and attract talent. They also warn that companies risk losing business by downplaying support for their growing number of gay, lesbian and transgender customers and workers. The proportion of American adults who identify as LGBTQ has risen to 9.3% of the population. 'By weaponizing federal agencies like the EEOC and the Justice Department to intimidate companies that support LGBTQ+ inclusion, this administration is creating an anti-business, anti-worker atmosphere,' said Eric Bloem, the vice president of corporate citizenship at the Human Rights Campaign Foundation. Many businesses have stopped participating in the Human Rights Campaign's scorecard on corporate policies and benefits for LGBTQ employees due to backlash. 'Companies that show up only when it's convenient, or backtrack the moment there's political pressure, risk losing trust and credibility,' Bloem said. Companies are actively preparing for Pride-related backlash this year from conservative activists and consumers. Sixty-five percent of companies in Gravity Research's survey said they were preparing strategies to respond to blowback. A growing number of chains, including Walmart, Target, Kroger, have also been warning investors about the risks of consumer boycotts over corporate positions on social issues. Anger from the right over Bud Light and Target's marketing efforts, in particular, has had a chilling effect on corporate strategies for Pride Month. Bud Light sales tanked in 2023 after the company's partnership with transgender influencer Dylan Mulvaney sparked anti-trans backlash and boycotts. Bud Light's tepid response also angered LGBTQ rights advocates. In 2023, activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats over items such as bathing suits designed for transgender people, and the company removed them from stores. Misinformation spread on social media that the swimsuits were marketed to children, which they were not. The backlash led to a drop in sales and lawsuits from Republican-aligned legal groups. Last year, Target sold Pride products in fewer stores and offered the full merchandise collection online. Target is again taking a muted approach to Pride Month this year. In 'select stores,' Target is selling a 'multi-category collection including home, pets, books, vinyl and adult apparel and accessories' to celebrate Pride, the company said in an email to employees viewed by CNN. Target is selling the full Pride product selection online. 'We are absolutely dedicated to fostering inclusivity for everyone – our team members, our guests, our supply partners, and the more than 2,000 communities we're proud to serve,' a Target spokesperson said. 'As we have for many years, we will continue to mark Pride Month by offering an assortment of celebratory products, hosting internal programming to support our incredible team and sponsoring local events in neighborhoods across the country.' But Target's Pride merchandise is limited and displayed less prominently in stores than in previous years, said one Target senior leader who spoke under the condition of anonymity because they were not authorized to speak publicly. Target store employee and customer excitement for Pride Month has dissipated as a result of the company's shift, according to the senior leader. 'It feels like we have catered to the direction of the administration,' this person said. Other companies are also dialing back public pronouncements, donations and merchandise in support of Pride Month. Last year, Kohl's launched a 'Pride capsule collection' of merchandise and donated $100,000 to The Trevor Project, a suicide prevention and crisis intervention organization for LGBTQ youth. 'As we use this month to embrace love in all forms, we simultaneously create more spaces for members of the LGBTQIA+ community to live out loud,' Michelle Banks, Kohl's-then chief diversity, equity & inclusion officer, said in a news release. (Banks is now Kohl's chief inclusion and belonging officer.) Kohl's has not announced any Pride Month plans this year and did not respond to CNN's requests for comment. Macy's last year touted that it hosted a donation campaign for The Trevor Project, spotlighted LGBTQ-owned brands, and set up displays in select Macy's windows and at local Pride marches nationwide. Macy's is supporting Pride events this month in a similar way, including participating in Pride events nationwide and raising money for The Trevor Project. But unlike previous years, the company is not making official announcements about its plans. Nordstrom, Gap and several other brands that highlighted their Pride Month efforts last year appear not to have repeated them this June. The companies did not respond to CNN about their plans. But a quieter marketing approach to Pride Month does not necessarily mean companies are abandoning support for LGBTQ employees or customers. 'I do see there's pivoting happening (for Pride Month). What I don't see is corporates walking away from the LGBTQ community,' said Sarah Kate Ellis, president of advocacy group GLAAD. 'They don't want to be caught in the crosshairs of this presidency, and they don't want to become the headline like Target or Bud Light.' Many companies are instead working behind the scenes to engage their LGBTQ employees and strengthen employee recruitment and retention strategies. Just 14% of companies reported plans to reduce internal engagement during Pride Month, according to Gravity Research. Corporate employees are providing counter-pressure to keep brands active on LGBTQ issues. 'Companies are going deeper and wider, rather than supporting an event,' Ellis said. 'They're finding better ways to thread their work supporting the LGBTQ community into their organizations.'
CNN
3 days ago
- Business
- CNN
Big brands are staying quiet this Pride Month
For the last several years, Pride Month was a splashy marketing event for big brands. Stores adorned windows with rainbow flags, displayed LGBTQ-themed t-shirts and coffee mugs at their entrances, changed their logos on social media accounts, and spotlighted donations to LGBTQ rights groups. But this Pride Month, many retail chains and brands are going quiet. Companies are treading lightly, avoiding prominent campaigns and visible public support. Thirty-nine percent say they plan to scale back public Pride Month engagements this year, according to a survey of more than 200 corporate executives by Gravity Research, a risk management advisory. That includes sponsoring Pride events, posting supportive messages of LGBTQ rights on social media and selling Pride-themed merchandise. Consumer brands are wary of provoking right-wing customers and activists, and they fear reprisals from President Donald Trump's administration. Federal agencies have threatened to investigate companies with diversity, equity and inclusion programs. Many businesses are tightening their advertising spending due to economic uncertainty over Trump's tariffs. But businesses cited pressure from the Trump administration as the primary reason for changing their Pride Month approach, according to the survey. 'It's clear that the administration and their supporters are driving the change,' said Luke Hartig, the president of Gravity Research. 'Companies are under increasing pressure not to engage and speak out on issues.' The subdued approach marks a shift for businesses, which used to turn the annual June celebration of LGBTQ Americans into a branded holiday. It's part of a broader pivot in corporate America, with many businesses scrapping some of their programs to advance diversity in the workplace under pressure from the Trump administration and Republican activists. Advocates for gay, lesbian and transgender Americans say the Trump administration's opposition makes it harder for businesses to compete, innovate and attract talent. They also warn that companies risk losing business by downplaying support for their growing number of gay, lesbian and transgender customers and workers. The proportion of American adults who identify as LGBTQ has risen to 9.3% of the population. 'By weaponizing federal agencies like the EEOC and the Justice Department to intimidate companies that support LGBTQ+ inclusion, this administration is creating an anti-business, anti-worker atmosphere,' said Eric Bloem, the vice president of corporate citizenship at the Human Rights Campaign Foundation. Many businesses have stopped participating in the Human Rights Campaign's scorecard on corporate policies and benefits for LGBTQ employees due to backlash. 'Companies that show up only when it's convenient, or backtrack the moment there's political pressure, risk losing trust and credibility,' Bloem said. Companies are actively preparing for Pride-related backlash this year from conservative activists and consumers. Sixty-five percent of companies in Gravity Research's survey said they were preparing strategies to respond to blowback. A growing number of chains, including Walmart, Target, Kroger, have also been warning investors about the risks of consumer boycotts over corporate positions on social issues. Anger from the right over Bud Light and Target's marketing efforts, in particular, has had a chilling effect on corporate strategies for Pride Month. Bud Light sales tanked in 2023 after the company's partnership with transgender influencer Dylan Mulvaney sparked anti-trans backlash and boycotts. Bud Light's tepid response also angered LGBTQ rights advocates. In 2023, activists and customers on the right attacked Target on social media for its LGBTQ-themed merchandise during Pride Month. Target employees faced threats over items such as bathing suits designed for transgender people, and the company removed them from stores. Misinformation spread on social media that the swimsuits were marketed to children, which they were not. The backlash led to a drop in sales and lawsuits from Republican-aligned legal groups. Last year, Target sold Pride products in fewer stores and offered the full merchandise collection online. Target is again taking a muted approach to Pride Month this year. In 'select stores,' Target is selling a 'multi-category collection including home, pets, books, vinyl and adult apparel and accessories' to celebrate Pride, the company said in an email to employees viewed by CNN. Target is selling the full Pride product selection online. 'We are absolutely dedicated to fostering inclusivity for everyone – our team members, our guests, our supply partners, and the more than 2,000 communities we're proud to serve,' a Target spokesperson said. 'As we have for many years, we will continue to mark Pride Month by offering an assortment of celebratory products, hosting internal programming to support our incredible team and sponsoring local events in neighborhoods across the country.' But Target's Pride merchandise is limited and displayed less prominently in stores than in previous years, said one Target senior leader who spoke under the condition of anonymity because they were not authorized to speak publicly. Target store employee and customer excitement for Pride Month has dissipated as a result of the company's shift, according to the senior leader. 'It feels like we have catered to the direction of the administration,' this person said. Other companies are also dialing back public pronouncements, donations and merchandise in support of Pride Month. Last year, Kohl's launched a 'Pride capsule collection' of merchandise and donated $100,000 to The Trevor Project, a suicide prevention and crisis intervention organization for LGBTQ youth. 'As we use this month to embrace love in all forms, we simultaneously create more spaces for members of the LGBTQIA+ community to live out loud,' Michelle Banks, Kohl's-then chief diversity, equity & inclusion officer, said in a news release. (Banks is now Kohl's chief inclusion and belonging officer.) Kohl's has not announced any Pride Month plans this year and did not respond to CNN's requests for comment. Macy's last year touted that it hosted a donation campaign for The Trevor Project, spotlighted LGBTQ-owned brands, and set up displays in select Macy's windows and at local Pride marches nationwide. Macy's is supporting Pride events this month in a similar way, including participating in Pride events nationwide and raising money for The Trevor Project. But unlike previous years, the company is not making official announcements about its plans. Nordstrom, Gap and several other brands that highlighted their Pride Month efforts last year appear not to have repeated them this June. The companies did not respond to CNN about their plans. But a quieter marketing approach to Pride Month does not necessarily mean companies are abandoning support for LGBTQ employees or customers. 'I do see there's pivoting happening (for Pride Month). What I don't see is corporates walking away from the LGBTQ community,' said Sarah Kate Ellis, president of advocacy group GLAAD. 'They don't want to be caught in the crosshairs of this presidency, and they don't want to become the headline like Target or Bud Light.' Many companies are instead working behind the scenes to engage their LGBTQ employees and strengthen employee recruitment and retention strategies. Just 14% of companies reported plans to reduce internal engagement during Pride Month, according to Gravity Research. Corporate employees are providing counter-pressure to keep brands active on LGBTQ issues. 'Companies are going deeper and wider, rather than supporting an event,' Ellis said. 'They're finding better ways to thread their work supporting the LGBTQ community into their organizations.'
Forbes
20-05-2025
- Business
- Forbes
China Demonstrates High Cost Of Trumpian Uncertainty
getty China's 5.4% growth rate in the first three months of the year is as impressive as it is disorienting. On Tuesday, the People's Bank of China cut its key lending rates by 10 basis points. Governor Pan Gongsheng lowered the one-year loan prime rate to 3.0% from 3.1%, and the five-year rate to 3.5% from 3.6%. Not big moves, but symbolic ones as U.S. President Donald Trump's trade war takes an increasing toll on Chinese confidence. So far, Trump's tariffs haven't tackled Asia's biggest economy in the ways the White House had hoped. In fact, China even grew above its 5% target in the first quarter while the U.S. shrank 0.3%. Yet data releases Monday flashed telltale signs of the high cost of economic uncertainty — and a rising one at that. From softening data on retail sales, fixed asset investment, property prices, industrial production and other sectors, not knowing where tariffs will be six months from now is having a noticeable chilling effect. It's nice that Trump has, for now, pared his 145% China tax to 30%. But two caveats stand out here. One, this climbdown could be short-lived if Chinese leader Xi Jinping doesn't offer Trump a slew of concessions in bilateral trade talks. And Beijing watchers agree that's rather unlikely. Given the harsh rhetoric coming from Trump World, Xi can't be seen as bowing to Washington. Two, Trump's 30% level puts the tax in the neighborhood of the 1930s Smoot-Hawley Tariff Act that deepened the Great Depression. That 79% reduction is a step in the right direction, but it's still a formidable headwind for an economy that came into the Trump 2.0 era with serious preexisting conditions. Prior to January 20, China was struggling with a giant property crisis that's fueling deflation, near-record youth unemployment, a rapidly aging population and local governments dealing with trillions of dollars of debt. These challenges and others are undermining household demand. Even though China appears to be standing its ground, the tariffs are biting. And increasingly so. The PBOC's rate cuts are sure to accelerate as deflation becomes more ingrained. Chinese prices aren't falling precipitously. But factory-gate prices falling for 31st consecutive months, as they are in China, is never good. In April alone, producer prices dropped 2.7% year on year. Consumer prices are now down for three straight months. The PBOC's rate cut was its first since October, when it moved by 25 basis points. What's changed since then is easing trade-war tensions and a stronger yuan. For months, fears that the yuan might fall too far, too fast had Pan avoiding rate cuts. A weaker yuan might make it harder for property developers to pay back dollar-denominated debt, causing a new cycle of defaults. It might squander years of efforts to reduce leverage and bad lending decisions. It also would surely enrage the Trump White House, prompting it to supersize tariffs. "Today's reductions ... probably won't be the last this year," says Zichun Huang, China economist at Capital Economics. Until then, Huang says, 'the rate cuts will reduce interest payments on existing loans, taking some pressure off indebted firms. It will also reduce the price of new loans. But modest rate cuts alone are unlikely to boost loan demand or wider economic activity meaningfully.' In other words, the PBOC is in for a busy second half of 2025. So will Xi's fiscal policymakers. We still believe it will be quite challenging for Beijing to achieve its 'around 5%' growth target unless it rolls out a sizable stimulus package," says Ting Lu, chief China economist at Nomura. 'Considering the respite on the trade war, Beijing might be under less pressure to introduce the necessary stimulus and reforms." But given China's preexisting conditions and the fact that a 30% tariff on all shipments to the globe's biggest economy is no joke. Even worse than the current tariff is confusion about the level of levies down the road. Economic uncertainty comes at a very high price.
Free Malaysia Today
11-05-2025
- Business
- Free Malaysia Today
Australia's reelected govt says US-China tussle to be top priority
Prime Minister Anthony Albanese celebrates at a Labor Party event in Sydney after winning a second term following the general election. (EPA Images pic) SYDNEY : Protecting Australia from the 'dark shadow' of a US-China trade war will be the first priority for Australia's re-elected Labor government, treasurer Jim Chalmers said on Sunday after a resounding election victory for his centre-left party. Prime Minister Anthony Albanese's Labor Party appeared likely to expand its majority in parliament to at least 85 seats from 77, the Australian Broadcasting Corp projected, after most polls had suggested it would struggle to keep its slim hold on the 150-seat lower house. More than two-thirds of votes have been tallied, with counting to resume Monday. Echoing an election in Canada less than a week earlier, Australia's conservative opposition leader, Peter Dutton, lost his seat as voters, who initially focused on cost-of-living pressures, grew increasingly concerned over US president Donald Trump's sweeping tariffs and other policies. 'This was beyond even our most optimistic expectations,' Chalmers told the ABC a day after the election. 'The immediate focus is on global economic uncertainty, US and China, and what it means for us,' Chalmers said. 'What's happening, particularly between the US and China, does cast a dark shadow over the global economy … we need to have the ability, and we will have the ability, to manage that uncertainty.' Polls had shown Labor trailing the opposition conservative coalition for nine months until March, amid widespread angst about the government's handling of inflation. But the polls flipped when the conservatives unveiled a proposal to slash the federal workforce, which was compared to the Trump administration's moves to cut back government agencies. A proposal to force federal workers back to the office five days a week was also criticised as unfair to women. Trump's April 2 tariff announcement added to voters' unease as it sent shockwaves through global markets and raised concerns about the impact on their pension funds. 'It was clear that our party has an issue in urban Australia, which is where most people live,' said former conservative member of parliament Keith Wolahan, who conceded his seat at the election. 'We need to really dig deep and think about who we are and who we fight for and who makes up Australia,' Wolahan said in an interview with the ABC.
Yahoo
10-05-2025
- Business
- Yahoo
JLL sees successful Q1 for new real estate management services segment
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Revenue at Jones Lang LaSalle's newly formed Real Estate Management Services segment grew 14% in the first quarter from a year ago on the back of workplace management and project management, the company said in its Q1 earnings report, released May 7. 'Our real estate management services business has capitalized on the growing trend of outsourcing as well as the increased focus on building operations and tenant experience across occupier and investor portfolios,' Christian Ulbrich, president and CEO of JLL, said on an earnings call. 'We are now globalizing our property management business with a shift into this segment, which went into effect on January 1.' The segment's performance suggests the economic uncertainty from the Trump administration's tariff policy has so far had a negligible effect. 'To date, there have been limited direct impacts on our results from the recent policy volatility and uncertainty, although some clients are delaying decision-making as they monitor macro development,' Ulbrich said. 'Slower economic growth could have spillover effects for our industry, but it is still too early to predict the future implications for our business.' JLL's total revenue during the quarter was $5.75 billion. Resilient businesses grew revenue 13% collectively during that time, with workplace management and project management growing revenue 15% and 16%, respectively. Workplace management benefited from a balanced mix of client wins and mandate expansions, with incremental pass-through costs bolstering high single-digit management fee growth, the company said. Ulbrich also attributed JLL's Q1 results to the firm capitalizing on 'the growing trend of outsourcing,' noting that many geographies and industries have significant untapped potential for outsourcing penetration and advancements in technology. The reason for outsourcing real estate needs are 'numerous,' Ulbrich said. 'It could be driven by your interest in cutting costs.' 'And so this is an environment where people will look at their operating costs, and we will see that there may be an opportunity … that would drive them to talk to people like us in order to get those [cost] benefits. The other reason is very often, they are expanding,' Ulbrich said. He noted that while current market conditions could cause large companies to pick up less strong companies, providing opportunities for the best companies in each sector, JLL also expects companies to slow decision-making, which could cause short-term impacts to the business. 'The picture is slightly mixed. It's way too early to tell whether [the current market environment] has a negative impact on our outsourcing business or whether it will almost be unimpacted by it,' Ulbrich said. 'For the time being, we don't see any impact.' Despite the revenue increase at the new real estate management services segment, its net earnings fell 7% year-over-year to $66 million. The drop was primarily due to continued investments in technology, including artificial intelligence and project management capabilities, and increased investments in talent during the second half of 2024 aimed at supporting business growth, the company said. JLL also benefited in the first quarter from a broader recovery in the office sector, supported by the expansion of return-to-office mandates, moderation of downsizing rates in office leasing activity and improvements in office sales and financing, according to Ulbrich. 'Corporates around the world are gaining more clarity on future space needs and with historically low development pipelines in the U.S. and Europe, office fundamentals and trends are likely to continue to strengthen for top-tier buildings,' he said. 'Quality assets are also growing more scarce, creating spillover demand for the next tier of buildings.' North America office leasing volumes were up 15% year over year in Q1, and the global vacancy rate inched up 10-basis-points to 16.9%. While the firm has seen improvements in office transactions revenues in the past year, especially in the U.S., JLL Chief Financial Officer Karen Brennan noted that large transaction volume in the region still remains about 30% below pre-pandemic levels. 'Within office, tenant requirements are generally steady with sectors such as professional services, finance and legal, driving demand in many markets,' Brennan said on the earnings call. 'So as we've seen in the recent past, this could evolve quickly as clients consider the macro outlook.' Sign in to access your portfolio
