Major companies across the country that have recently made the decision to no longer promote or carry the Ivanka Trump brand due to disagreements with her father, President Donald Trump, probably should have taken a lesson from another, anti-Trump company — Macy’s.
In July 2015, the large department store chain cut ties with then-candidate Trump and phased out his line of suits, shirts and ties because of Trump’s comments on immigration and border security, according to a New York Times report of the time.
However, less than two years later, Macy’s stocks have dropped significantly since the company dropped Trump’s products, suggesting that customers weren’t exactly on board with the controversial decision.
On July 16, 2015, Macy’s stock price hit a five-year high of $72.8, according to the online stock analysis website Amigo Bulls.
Fast forward to Feb. 13, 2017, and the anti-Trump department store closed the day’s trading with a much lower stock price of $32.58, according to Market Watch.
That’s more than a 55 percent decrease.
Although there is no hard evidence that the massive collapse in stock price is directly attributable to Macy’s cutting ties with Trump, it certainly seems more than coincidental.
In fact, after the retail giant announced it would no longer carry Trump’s products, he called on his supporters to boycott the store.
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Those who believe in tight border security, stopping illegal immigration & SMART trade deals w/other countries should boycott @Macys.
— Donald J. Trump (@realDonaldTrump) July 1, 2015
Many Trump supporters did, in fact, boycott Macy’s, as sources told TMZ that in the two weeks after making its anti-Trump announcement, store officials had received complaints from approximately 30,000 customers.
Some of those upset customers even went so far as to shred their Macy’s credit cards in a showing of support for Trump.
Then, in December 2016 — just weeks after Trump won the presidential election — the store suffered from “disappointing holiday sales,” and announced plans to close 100 stores, which cut roughly 10,000 jobs, according to CNBC.
This is what happens when companies inappropriately mix politics with business, particularly when its political stance is in direct contradiction to what the citizens of this country chose at the voting booth.
The companies now debating whether to drop Ivanka Trump’s brand from their stores certainly have the right to carry whichever products they want. However, they should look long and hard at the Macy’s fiasco before dropping the brand for political reasons.
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