The iconic beer brand Bud Light took a massive hit over the summer due to the fallout from its partnership with transgender activist Dylan Mulvaney.
In the first week of the controversy, Bud Light sales decreased 11%, and its stock plunged 20% by the beginning of June, losing the brand’s parent company, AB InBev, billions in market value. It suffered a revenue loss in its North American market of almost $400 million during the second quarter, and the brand’s sales are still lagging.
Despite being the target of one of the most successful boycotts in U.S. history, AB InBev’s stock has mostly stabilized. It’s down only 12% from the start of the year, and it’s actually up 17% from one year ago. The mitigation of AB InBev’s overall losses largely stems from the fact that it owns 7 0f the 10 best-selling beer brands in the United States. So, while sales of Bud Light have plummeted, the sales of other brands owned by AB InBev have remained the same or even increased as Americans switch to other brands without knowing that they are owned by the parent company of Bud Light.
The company, along with rival Molson Coors (the owner of Miller and Coors), have an iron grip on the domestic beer market, reducing the effectiveness…