How Anheuser-Busch’s DEI Strategy Backfired: A Former Executive Speaks Out

Bud Light’s Controversial Collaboration and Its Fallout

Anheuser-Busch’s decision to partner with transgender influencer Dylan Mulvaney sparked a significant backlash, leading to declining sales and a fractured consumer base. According to former Anheuser-Busch executive Anson Frericks, the collaboration lacked authenticity and alienated Bud Light’s traditional audience.

“Bud Light’s partnership with Dylan Mulvaney wasn’t a genuine reflection of the brand’s identity,” Frericks stated in an interview with Fox News Digital. “Instead, it felt like an attempt to cater to special interest groups at the expense of the company’s core customer base.”

A Cultural Shift Within Anheuser-Busch

Frericks, who joined Anheuser-Busch in 2011 and spent more than a decade at the company, observed a dramatic cultural transformation as Diversity, Equity, and Inclusion (DEI) policies began influencing business decisions. He ultimately left when he saw DEI priorities taking precedence over strategic partnerships, such as the company’s reluctance to work with veteran-owned Black Rifle Coffee.

“I initially joined because I believed in a meritocratic culture,” Frericks explained. “However, after 2020 and 2021, I saw the company shift significantly as the DEI movement took hold.”

Although Frericks had already left Anheuser-Busch before the 2023 Mulvaney partnership, he believes its consequences continue to impact the brand. As of January 2025, Bud Light sales had plummeted nearly 30% year over year—a stark indicator of consumer dissatisfaction.

External Pressures and Their Role in the Controversy

Frericks pointed to mounting pressure from advocacy organizations, such as the Human Rights Campaign, as a key driver behind Bud Light’s increased LGBTQ+ activism. However, this shift created a disconnect with the beer’s traditional audience.

“Bud Light has always been about sports, humor, and bringing people together,” Frericks said. “It was never a brand that took strong political stances, and aligning with Dylan Mulvaney made it part of a highly divisive debate.”

Dylan Mulvaney’s Take on the Reaction

Dylan Mulvaney recently addressed the controversy during an appearance on The View, where she discussed her book, Paper Doll: Notes from a Late Bloomer.

“I’ve always loved beer, and the partnership felt like a natural fit,” Mulvaney shared. “I didn’t anticipate such a strong backlash. It quickly became clear that I had become a symbol of something much bigger than myself.”

Corporate and Political Influences on Anheuser-Busch’s Decisions

Frericks, now co-founder of Strive Asset Management alongside Vivek Ramaswamy, argues that major financial institutions like BlackRock play a significant role in pushing DEI and Environmental, Social, and Governance (ESG) policies. He suggests these corporate influences, often backed by pension funds from progressive states like California and New York, contributed to Bud Light’s missteps.

He also believes Anheuser-Busch’s European ownership under InBev further distanced the brand from its American roots.

“In Europe, businesses and governments frequently collaborate to drive social outcomes, but that approach doesn’t align with Bud Light’s historical brand values,” Frericks noted. “European corporations tend to embrace a pro-ESG, pro-DEI framework, which clashes with the expectations of American consumers.”

Can Bud Light Rebuild Consumer Trust?

In response to the backlash, Anheuser-Busch CEO Brendan Whitworth issued a statement that avoided directly addressing the controversy. Since then, the company has tried to reconnect with its audience by securing Bud Light as the official beer sponsor of the UFC and featuring comedian Shane Gillis in a Super Bowl ad. However, Frericks believes these moves are not enough.

“Bud Light needs to offer a sincere apology and acknowledge its mistake,” he emphasized. “If the brand wants a true second chance, it should consider separating from its European parent company and returning to American ownership.”

Lessons in Brand Authenticity

The Bud Light controversy is a cautionary tale for brands navigating social and political issues. Frericks’ insights underscore the importance of staying true to a company’s core identity and audience. Brands prioritizing authenticity over external pressures are more likely to maintain long-term success. Whether Anheuser-Busch can repair its image remains uncertain, but the key takeaway is clear—consumers value brands loyal to their roots.