When George Floyd was killed in police custody, it felt as though the world had finally begun to pay attention to racism and its devastating consequences. Brands and businesses saw this too. In the weeks of protests and statements that ensued, brands spoke up, variously condemning the killing, asserting their positions against racism and supporting the Black Lives Matter movement.
This might have been unusual even a decade earlier when companies could stay neutral. Today, brands are expected to take a stand on what is happening in the world.
Some consumers want the products they buy to toe an ethical line and for businesses to have a point of view, as do the employees of those brands. This is all well and good but now that social media posts have been pushed further down our feeds, what is next for brands? How are they expected to behave?
Consumers are often cynical about companies making any real change. They point to historic brand behaviours, where a company may declare support for a cause but move along as soon as media attention subsides.
This creates an impression that brands merely offer lip service to trending causes and then forget about them.
Take Apple and Nike, for example, among the many brands who put up messages about tackling racism. They were quickly called out by people who posted pictures of their all-white leadership teams and criticised them for not practising what they preached.
Even when brands seem to be doing the right thing, there is the problem of navigating a backlash.
In the US, the Aunt Jemima brand of syrup and pancake mix by Quaker, owned by PepsiCo, announced it would change its name and brand because they were based on racial stereotypes that date back to the era of slavery and black minstrels. It was a decision that caused some controversy.
In Arizona last month, a speaker at a rally for US President Donald Trump called Aunt Jemima a "picture of the American dream” and said that “the leftist mob is trying to erase her legacy”. The speaker's comments were received with hostility online. Brands, it would appear, are as contested in culture wars as statues.
This is about everything from equal pay to employing people from diverse backgrounds, to workforce representation, to inclusive office cultures, to representative leadership
In the UK, two popular brands, Yorkshire Tea and PG Tips, decided that the way to tackle such a backlash was to challenge it. After receiving boycott threats from a far-right critic for not declaring support of Black Lives Matter, Yorkshire Tea tweeted: "Please don’t buy our tea again. We’re taking some time to educate ourselves and plan proper action before we post. We stand against racism." In a collaborative spirit, PG Tips, weighed in with its own tweet: "If you are boycotting teas that stand against racism, you're going to have to find two new brands now #blacklivesmatter #solidaritea."
As the two-teas saga indicates, companies may have realised that this is not just about the US. Tackling racism is a global challenge. In future, big businesses are going to have to tie conscience with commercial success. And while it is important for brands to issue statements about ending racism, this alone is not nearly enough. To bring about tangible change, companies will have to make new targets, spell them out clearly and ensure that they are met. Once they do that, more people might be drawn to the brand in question, which would translate into more business.
Customers at a tea room outside in Soho, London, UK, July 4, 2020. EPA
There are possibly huge untapped consumers, who are overlooked due to a number of factors: unconscious bias, ignorance and sameness of thinking within organisations. This means missed commercial opportunities. In the UK, for example, a scathing report this year titled Rethinking Diversity in Publishing found that white, middle-class readers were considered the only audience for books. This abysmal lack of diversity is a much wider problem, explained in part by a 1000-people survey in 2017 that found 90 per cent of people in the UK's publishing industry to be 'white British'.
None of this should come as a surprise. And yet along with striving for a diversity among audience, diversity in workforces has been proven to increase commercial success.
Doing the right thing is ultimately what brings a company dividends. Last month Johnson & Johnson announced that it will withdraw its skin-whitening products. Not only is this the right thing to do — a small step to dismantling racial hierarchy — it will also free the company to create products that address the needs of consumers that increasingly demand more socially conscious brands.
One aspect that has come to the fore in the aftermath of the Black Lives Matter protests is that brands need to be honest about their shortcomings. That is how they will be able to authentically take a stand against societal ills such as racism, and progress towards creating anti-racist workplaces, products and communications.
This is not just about who is photographed in advertisements and the skin colour of models. This is about everything from equal pay to employing people from diverse backgrounds, to workforce representation, to inclusive office cultures, to representative leadership, to making products that engage with a range of consumers and diverse supply chains. This is a time when something pivotal could emerge. But only if brands recognise that hashtag solidarity is no longer enough.
Shelina Janmohamed is the author of Love in a Headscarf and Generation M: Young Muslims Changing the World
Green ambitions
Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
UAE currency: the story behind the money in your pockets
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions