Branded is a weekly column devoted to the intersection of marketing, business, design, and culture. Costco is known for many things—deeply loyal customers, $1.50 hot dogs, selling gold bars—but corporate activism isn’t really one of them. And that may be exactly why its recent decision to push back on a call to dismantle its diversity, equity, and inclusion program has been attracting attention. From Walmart to Ford to Google, major companies and brands have been deemphasizing or...

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