Nordstrom The Latest To Cut Business Ties With A Trump
Nordstrom, Inc. (NYSE: JWN) has become the latest company to cut ties with the Trump brand by axing President Donald Trump’s daughter Ivanka’s line of women’s clothing, shoes and handbags. The decision comes amid a flurry of controversy over Trump’s travel ban on seven majority-Muslim countries and discussions of a 20 percent border tax on Mexico.
In a statement, Nordstrom said the decision was not politically-motivated.
“In this case, based on the brand’s performance we’ve decided not to buy it for this season,” the company said.
Back in November, Trump critic and billionaire Dallas Mavericks owner Mark Cuban predicted that Trump’s presidential run would severely damage his brand.
“He’s been scorched, and I think the whole thing has a real chance of going down with him,” Cuban told CNBC.
Media strategist Shannon Coulter is so opposed to Trump’s views on women that she started the #GrabYourWallet campaign and the website grabyourwallet.org, which calls for boycotts of retailers that continue to carry Ivanka Trump’s fashion line.
Not The First
Nordstrom isn’t the first company to distance itself from Trump’s brand since the presidential campaign started. Back in 2015, Macy’s Inc (NYSE: M) ended its 11-year partnership with Trump, saying it has “no tolerance for discrimination.”
Comcast Corporation (NASDAQ: CMCSA)’s NBC also ended its business relationship with Trump. “Due to the recent derogatory statements by Donald Trump regarding immigrants, NBCUniversal is ending its business relationship with Mr. Trump,” the company said in a statement.
Uber CEO Travis Kalanick recently stepped down from Trump’s economic advisory board in response to the #DeleteUber protest campaign.
In addition, Serta, Univision, Televisa, Farouk Systems, 5 Rabbit Cerveceria, Ora TV, Shoes.com, Bellacor, Jenny Craig, Wayfair Inc (NYSE: W), Zulily, RueLaLa, Kawasaki USA, the Milwaukee Bucks, the Memphis Grizzlies, the Dallas Mavericks, Equity Residential Manhattan apartments, Perfumania, PVH Corp (NYSE: PVH), ESPN (parent, Walt Disney Co (NYSE: DIS)) and NASCAR have cut off business dealings with the Trump brand.
In the past week, many other companies have spoken out in opposition to Trump’s travel ban, including Facebook Inc (NASDAQ: FB), Apple Inc. (NASDAQ: AAPL), Netflix, Inc. (NASDAQ: NFLX), Starbucks Corporation (NASDAQ: SBUX), AirBnb, Tesla Inc (NASDAQ: TSLA), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Uber, Nike Inc (NYSE: NKE), Twitter Inc (NYSE: TWTR) and Lyft.
Image Credit: By Voice of America [Public domain], via Wikimedia Commons
See more from Benzinga
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
