Bud Light achieved something that was impossible to even dream of: Kevin O'Leary
Investor Kevin O'Leary explains why Gov. Ron DeSantis' plan to unveil his economic agenda is a strong campaign move and discusses the 'extraordinary' backlash facing Bud Light after sales dropped 26.5% in July.
The CEO of beer giant Heineken was asked about the company's marketing strategy and whether it had learned from competitors like Anheuser Busch who suffer from a "failed marketing strategy" as a result of Bud Light's partnership with transgender activist and influencer Dylan Mulvaney.
"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 told CNBC’s "Squawk Box Europe" on Monday.
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Dolf van den Brink is the chief executive officer of Heineken. (Peter Boer/Bloomberg via Getty Images)
"You have to be thoughtful, you have to be balanced. And at the same time, you need to stand for your values and your principles. And we try to do that to the best of our abilities," he added. "So far, I’m proud of how our brand teams across our operating companies are navigating this new world."
Bud Light sent Mulvaney a can of the bear featuring Mulvaney's face to celebrate the milestone of the influencer's "365 Days of Girlhood," a series where Mulvaney detailed on TikTok daily experiences during the first year of identifying as a woman.
Bud Light has seen sales plummet as consumers abandoned the brand in favor of other alternatives. Bud Light was formerly America's top-selling beer, but lost out to Modelo Especial as America's most popular beer in May.
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Although Heineken cut its 2023 profit growth forecast, reporting a 5.6 percent decline in beer sales, it still made the list of the top five most-liked beers, along with Guinness, Corona, Samuel Adams and Blue Moon, according to a new YouGov survey. On Friday, Anheuser Busch announced it planned to lay off hundreds of employees across its U.S. corporate staff.
An interview with Bud Light‘s marketing vice president Alissa Heinerscheid also surfaced following the Mulvaney controversy, where she referenced the brand's consumers as "fratty" with "out of touch humor."
"We had this hangover, I mean Bud Light had been kind of a brand of fratty, kind of out of touch humor, and it was really important that we had another approach," she said of her marketing strategy.
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The controversy has prompted discussion about whether corporations should weigh in on social or political issues. After Florida pension funds took huge losses because of the hit to the beer brand's bottom line, Republican presidential candidate Gov. Ron DeSantis said the state of Florida is launching an inquiry into the company.
Bud Light did not respond to Fox News Digital's request for comment.
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