Below we present the list of the 5 Most Boycotted Companies and Brands in History. For our methodology and a more comprehensive list please see 15 Most Boycotted Companies and Brands in History.
5. Asda
Asda has been the target of boycotts largely due to its use of single-use plastics and its environmental impact. The company’s take on Brexit has also caused controversy, which included its chairman recently bashing pro-Brexit voters for the resulting labor shortage that has hit Britain.
The British supermarket chain, which was formerly owned by Walmart Inc. (NYSE:WMT), has also been accused of using zero-hours contracts and other forms of precarious employment, which can make it difficult for workers to earn a stable income and access benefits. Additionally, Asda has faced accusations of poor pay and working conditions, as well as discrimination and harassment in the workplace.
4. The Coca-Cola Company (NYSE:KO)
The Coca-Cola Company (NYSE:KO) has been the target of boycotts primarily due to the health impacts of its flagship soda, which contains a significant amount of sugar. Many of its other beverages are also high in sugar. Consuming large amounts of sugar can have negative health effects, such as weight gain and an increased risk of diabetes and heart disease.
The company’s rampant use of single-use plastics and their environmental impact have also courted controversy. Others have boycotted The Coca-Cola Company (NYSE:KO) because of dissatisfaction with other aspects of the company’s products, including their use of artificial ingredients.
Carillon Tower discussed The Coca-Cola Company (NYSE:KO)’s product pricing initiatives in its Q3 2022 investor letter:
“Shares of The Coca-Cola Company (NYSE:KO) sold off with consumer staples even as the company reported strong pricing for the second quarter. On average, product prices rose with management hinting at further momentum.”
3. Tesco PLC
Tesco has been boycotted for various reasons over the years, but more recently the company courted a wave of outrage over its 2021 holiday ad, which featured a vaccinated Santa showing off his vaccine passport at the airport. The 90-second spot ended up being the most complained about advert of the year according to the The Advertising Standards Authority and prompted a boycott campaign against the company online, with people calling it discriminatory and divisive.
2. Nestlé S.A. (NYSE:NSRGY)
Nestlé S.A. (NYSE:NSRGY) has been the target of boycotts for many years. The first boycott of Nestle was launched in the 1970s in response to the company’s marketing of infant formula in developing countries. This boycott, which was organized by a coalition of public health and consumer advocacy groups, was eventually successful in persuading Nestle to change its marketing practices.
Since then, Nestlé S.A. (NYSE:NSRGY) has faced numerous other boycotts for a variety of reasons, including concerns about its business practices, dissatisfaction with its products, and opposition to its position on various political and social issues.
The Polen International Growth Fund shared the details of why it sold off its stake in Nestlé S.A. (NYSE:NSRGY) in the fund’s Q1 2022 investor letter:
“We exited the Portfolio’s position in Nestlé in favor of what we believed to be a more compelling investment idea. Nestlé continues to enjoy competitive advantages related to its scale, distribution, and brand equity. We think the management team has positioned the business for success in recent years, with several divestitures along the way and believe the company is still likely to deliver consistent results. That said, our research indicates that returns may be at the lower end of our expected range and other opportunities appear more attractive.”
1. Amazon.com, Inc. (NASDAQ:AMZN)
Topping the list of the most boycotted companies and brands in history is Amazon.com, Inc. (NASDAQ:AMZN), with the company’s tax avoidance front and center among those boycotting it. Amazon has reportedly avoided paying more than $100 billion in taxes over the last decade, allowing to gain a major advantage over smaller competitors and vaulting Jeff Bezos into the echelons of the richest people on the planet.
Amazon.com, Inc. (NASDAQ:AMZN) has also frequently been criticized and boycotted over the treatment of its employees. The company has been accused of providing inadequate pay and working conditions in its warehouses and fulfillment centers, as well as failing to provide adequate breaks and other benefits, the former of which prompted some employees to wear diapers to work. Additionally, Amazon has faced accusations of discrimination and harassment in the workplace.
L1 Capital International believes Amazon.com, Inc. (NASDAQ:AMZN) and several other tech stocks are trading at very attractive valuations according to its Q3 2022 investor letter:
“Quarterly results (mostly reported in late July and early August) were generally in line with our expectations. Solid company execution was subsequently swamped by increases in interest rates and hawkish Federal Reserve commentary. During the quarter, only one company (Amazon.com) made a positive contribution of more than 0.5% in Australian dollars. Amazon.com, Inc. (NASDAQ:AMZN) was the largest negative contributor in the June 2022 quarter, with the share price recovering modestly but it is still well below our view of fair value. No company detracted more than 0.5% from the Fund’s performance in Australian dollars, although the depreciation of the Australian dollar obfuscates some meaningful share price falls in U.S. dollars
We did not participate in the ‘unprofitable tech bubble’, but our portfolio does have significant exposure to some of the largest, highly profitable and incredibly financially strong technology companies which dominate their markets and have outstanding medium to long term growth prospects – including Alphabet, Amazon, Intuit and Microsoft. The share price of these companies has now fallen to levels we now consider provide very attractive valuations for long term investors.”
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