Like clockwork, companies ranging from Boeing to Airbnb change the colors of their logos to rainbow each June as a gesture of support for the LGBTQ+ community. Known as rainbow capitalism, it’s long been a marketing strategy to boost sales that has received a fair share of criticism but has also provided a paycheck and a platform for LGBTQ+ creators who are often tapped for sponsorships or to sell products in collaboration with brands. But as June comes to a close, it’s clear that Pride hasn’t been as celebrated in the corporate world this month as it once was, against a backdrop of growing backlash among fringe groups nationwide toward the LGBTQ+ community.
Three major retail companies have dominated headlines over the past several weeks for falling short on Pride initiatives, signifying that rainbow capitalism dimmed in 2023. Bud Light reneged on its support of its campaign with transgender influencer Dylan Mulvaney in response to a group of anti-trans individuals boycotting the beer. Target removed its LGBTQ merch right before Pride month after customers threatened workers. And, in mid-June, Starbucks managers in 21 states reportedly asked their workers to remove Pride decorations from the stores or to not put them up at all. (A Starbucks spokesperson denied the allegations to Fortune and said the company continues to “unwaveringly support the LGBTQIA2+ community;” Bud Light and Target did not respond to request for comment).
