Starbucks embraces the rainbow for Pride
Starbucks is no stranger to a good cause. It’s ahead of the competition when it comes to paying its taxes and its staff, caring about the environment, and battling prejudice. The company reiterated these core values last week as a gold sponsor of Pride, the festival that celebrates acceptance of the LGBT movement. 240 Starbucks employees marched in the London parade on 8 July, demonstrating that Starbucks doesn’t just throw money at these things – it encourages its people to get on board too.
See how Starbucks celebrated Pride 2017
Maria Sebastian, Starbucks’ senior vice president of brand, said: "Diversity's always been a core part of our brand. We've always been known for creating welcoming and inclusive environments; whether it's in our stores or in the broader communities that we serve. So we're really excited to be in our third year as a gold sponsor for Pride of London."
Starbucks progressive morals might not appeal to everyone, but the company is resolute that ethics are at the heart of its business, and this is what it believes. It is also true, however, that it plays very well with the kind of customers the company relies upon. Millennials, the middle class, and urbanites, are all more likely to hold views accepting of diversity and championing environmentalism. And Millennials, certainly, have precedent for using those preferences to decide where they spend their cash.
Ultimately, there is no doubt that Starbucks is genuine in its embrace of progressive opinions. But there’s also no doubt that it’s good for business.
Dominion holds Starbucks in its Global Trends Managed Fund.
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