Plant-Based Brand Responds To Backlash Over Controversial Investor, Society Will Be Plant-Based By 2032, New Poll Respondents Believe, Greta Thunberg Documentary To Debut On Streaming Network With Over 35 Million Users. My opinion is that the system is built on old money, on big corporations and huge institutions. Oatly is facing a consumer backlash with some pledging to boycott the brand after it sold a stake to a group of investors led by a private equity consortium Blackstone. “Blackstone is a part-owner of 2 Brazilian firms which are directly contributing to the destruction of the Amazon rainforest (Hidrovias do Brazil and Pátria Investimento) and now they now hold shares in rapidly growing Oatly,” tweeted climate activist Laura Young. Oatly is facing a consumer backlash with some pledging to boycott the brand after it sold a stake to a group of investors led by a private equity consortium Blackstone. Why? The rest – a 10 percent stake for another $200 million – came from Blackstone, which has made headlines in the past due to its alleged involvement in Amazon deforestation, and because its founder Stephen Schwarzman has donated to Donald Trump and the Republican Party, and briefly served as chairman of Trump’s strategic and policy forum in 2016. The latest breaking news, comment and features from The Independent. Who Is That Vegan Teacher? Despite its recent Blackstone controversy which caused some consumers to actively boycott the brand, Oatly reports that it has experienced incredible growth this year (stats below) and announces the launch of a new Oatgurt with a new campaign describing it as “totally normal” in a bid to appeal to those who may still be wary of dairy alternatives. But today a number of loyal customers are now turning their backs on the company. Mimi Billing is Sifted’s Nordic correspondent. Change happens by raising the conversations and moving forward. But for Oatly, the large investment may be used as adding an extra sugar-coating ahead of a coming IPO. “It’s always sad to part ways with consumers. So for us, that’s how we’ve always done things and that’s how we will continue.”. Now Oatly’s honeymoon seems to have ended outside of Sweden as well. The American company has funded hundreds of companies and was recently in trouble for funding the Brazilian company, Hidrovias, that was accused of being actively pushing deforestation of the Amazon. When it comes to those discussions, it is not about Oatly and Blackstone.”. The country’s dairy consumption is on the rise and it would not be sustainable if China took our Western living habits. “In the short term, we’re in a hyper-growth period, we’re not making any profit, so our investors aren’t making profit,” said Paran. “In the spring of 2019, the government of Jair Bolsonaro, elected in fall 2018, announced that Hidrovias would partner in the privatization and development of hundreds of miles of the B.R.-163 [road]. Oatly, the popular Swedish oat milk brand, has received $200 million from a Blackstone-led, star-studded investment group that included Oprah Winfrey, … Oatly's new oat-based yogurt is called Oatgurt. She also covers healthtech, and tweets from @MimiBilling. Oatly was founded back in the 1990s and is based on Swedish research from Lund University. Use the unsubscribe link in those e-mails to opt-out at any time. The Oatly Department of Distraction Services is here to serve you with the finest in nonsense and distraction. I have done a full information post on Instagram and will from now on be moving my own purchases elsewhere, Thread key points: pic.twitter.com/8jn2bFKAg6, — Less Waste Laura ? Some months after the publication of The Intercept’s report, and other reports which said Hidrovias do Brasil paid for a feasibility study on a 10-year concession of B.R.-163, Senator Elizabeth Warren and several other senior Democrats wrote to Blackstone raising concerns about its involvement with Hidrovias. The investment by Blackstone into Oatly was reported in mid-July and apart from some Swedish environmentalists like the movie producer Fredrik Gertten, known for Bananas! Adding to the pressure on Oatly’s brand is the growing criticism from the healthy eating community that the milk is remarkably high in sugar for a product that is branded as “healthy”. Do I see a world where perfect companies – and I don’t even know what a perfect company is – replace imperfect companies with no support from major private equity? The Clippers owner and real estate mogul settled a lawsuit confidentially in 2005 that accused him of discriminating against black and Hispanic tenants at properties he owned. Credit: The Swedish oatmeal company Oatly is facing controversy. Through the partnership it wants to ‘shift the focus of massive capital towards sustainable approaches’ describing this as ‘potentially the single most important thing we can do for the planet in the long-term’. After having been backed by Oprah, Natalie Portman, and Jay-Z, Oatly is not just vastly popular. Environmental activist and blogger Laura Young, otherwise known as @lesswastelaura, digs deeper into the Oatly / Blackstone debate and explores why this investment has caused outrage amongst Oatly fans, posing the question – is there any ethical consumption under capitalism?. Discussion: the Oatly controversy I might be super late to the party with this, but I only just found out about the Oatly controversy. The Chinese shareholders made Oatly’s Swedish customers less inclined to swallow the company’s visions and in 2019, the company’s daring advertisement campaign backfired. By involvement, we are talking about a $200 million investment. A recent piece by writer Nat Eliason called Oatly “The New Coke”. How can Oatly address those concerns? Various reports put China in the lead for having the highest CO2 emissions in the world and it has a questionable human rights record. The company’s patented enzyme technology copies nature’s own process and turns fiber rich oats into nutritional liquid food that is perfectly designed for humans. This, however, is nothing that Oatly wants to comment about. One of the criticisms leveled at Oatly is that it must have been able to find other investors, instead of getting involved with Blackstone with its controversial reputation. We also made this website where you can learn more about oatmilk than you’d ever want to know. Sep. 4 2020, Updated 9:18 a.m. Blackstone has denied the accusations of deforestation, releasing a statement saying ‘the erroneous claims and mischaracterizations were blatantly wrong and irresponsible’. If we fail, then there’s no change. Learn more about how we use them in our privacy policy. Have an idea for an opinion piece for Sifted? You'll also be able to choose your preferred newsletter and report subscriptions. What makes Oatly Oatly and not just another company. There was an error and we couldn't process your subscription. 38 talking about this. In the last week, we’ve seen all sorts of views on the controversy over Swedish oat milk giant Oatly’s newest investor — The Blackstone Group.. Consumers have flooded Twitter, ‘cancelling’ Oatly.Brand commentators said it'll all blow over, because let’s face it — Facebook and Amazon have been cancelled ten times over and are still in business. (@LessWasteLaura) August 29, 2020. Oatly Fans Are Boycotting the Brand for Making a Controversial Decision. This road has been operated by the Brazilian government since 1976. By commenting, you agree to abide by our community guidelines and these terms and conditions. He added that Oatly understands this reaction, and that the company is taking time to respond to all comments, and is ‘inviting customers into deeper conversations’. The investment was part of a $400 million funding package – half was secured through a green-deal bank loan which commits Oatly to ensure that all of its investments are in sustainable solutions. The explanation from Oatly was that they were spreading sustainability. Explaining its rationale in a statement, the company said Blackstone is ‘like the biggest supermarket of the private equity sector’, saying that by ‘if it could convince Blackstone that it’s as profitable (and in the long-term even more profitable) to invest in a sustainability company like Oatly, then all the other private equity firms of the world would look, listen and start to steer their collective worth of 4 trillion US dollars into green investments’. More by Maria Chiorando, Regulated by IMPRESS: The Independent Monitor For the Press CIC, IMPRESS, 16-18 New Brige Street, London, EC4V 6AG. For those of you that don't know, after making their oat milk (labelled as vegan, I might add), they sell the leftover residue as feed to a pig slaughter farm. But I’m confident we’re going to succeed. The conversation around the deal was announced in July, but only picked-up speed in recent days after social media users highlighted the two controversial issues around Blackstone. Europe’s fastest growing startups with female founders, Future Proof: Corporate Innovation Newsletter, Sifted Reports: The French Tech Revolution. It would be a climate disaster,” Oatly’s creative director Martin Ringqvist told Sifted in 2019. In July, vegan milk brand Oatly sold a 10% stake for $200 million to a group of investors led by Blackstone. Blackstone has denied Hidrovia’s involvement in this. By Lizzy Rosenberg. “One of the reasons [for Chinese owners] was to enter the Chinese market. We know that some people will still disagree with it, and that’s absolutely fine. Now Oatly fans are threatening boycotts. Our newsletter brings you the latest, greatest stories on startup Europe. Scale requires investment and big investment. “We know some people may see this as unexpected, but it was very purposeful. He paid $2.7 million in response to another housing discrimination lawsuit in 2009 But those who’s been with us for a while know that it has always been in our DNA to challenge the status quo and do what we believe is right to change the world to the better, rather than what is easy or comfortable,” says Linda Nordgren, communication manager at Oatly, in a written statement to Sifted. OATLY KNEW WHAT IT WAS DOING Oatly knew this was a controversial decision. Oatly added: “Today, only a tiny fraction of all that venture capital ends up in sustainable investments. The money raised from big players is changing the company image,” Stenson says. Of Blackstone’s investment specifically, Oatly CEO Toni Petersson said: “it is a clear indication of where the world is heading, which is a new, more sustainable direction”. That’s the way we can genuinely make change,” he said. Read more about our climate footprint. While the Democrats conceded that the ‘road remains publicly owned’, they said: “Hidrovias has consulted with and helped finance the Brazilian government’s efforts to develop and find funding mechanisms to pave BR-163, maintain the road, and reduce congestion to accelerate its shipments.”. © 2021 Unless otherwise stated all contents of this web site are © 2021 - Plant Based News Ltd. 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This is not the first time that Oatly has had to deal with controversy. “Greenpeace and the U.N are talking about the need for a shift in capital from brown to green investment. “I’m confident that over time, more information and data will show that the choice we’ve made is the right one. It doesn’t happen by closing the door on things. About two weeks ago, vegans and environmental activists were furious regarding the Blackstone's involvement in the famous Swedish non-dairy milk brand, Oatly. People have called us naive to think we could change the world, and maybe we were,” said Paran, “But honestly, I don’t think we have time to debate this: we have to take action now. We are dedicated to upgrading the lives of individuals and the general well being of the planet through a lineup of original oat drinks. Why Did TikTok Ban Her? For a company who fought (and lost) the Swedish milk lobby over advertising in 2015, this is pretty big. Whoops! Proudly powered by Newspack by Automattic. Vegan milk brand Oatly is facing a boycott from UK customers after it sold a £150million stake to a group lead by a private equity firm whose boss is … “As long as people have those conversations, and listen to both sides of the story, that’s all we can ask for, and then people can make their minds up. “We have an obligation to be there to offer a sustainable alternative.”. Get unlimited access to all of Sifted’s free coverage and analysis. Please keep comments respectful. ET. Oatly had it all. We know this because at the time Oatly’s chief executive Toni Petersson said this about getting Blackstone on board: that it was a clear indication that the world is heading in a “new, more sustainable direction.” Had we chosen a specialized green investor for funding, we would have become a fractional part of that tiny fraction, ultimately remaining off the radar of major investment companies and having zero impact on influencing a transfer of investment to green companies.”, In other words, as Paran explained: “The evaluation of Blackstone was based on the scale of their resources, their capital base, and expertise in the global market. However, not all agree with Petersson. The drop in Oatly’s popularity can in part be explained by the fact that Oatly no longer is perceived as a small company that needs protection from the big corporations — it has lost its David vs Goliath advantage, according to Ingela Stenson, long-term communication expert in the milk industry, now at the analytics company United Minds. You can’t judge us on the decision today, but in the coming years. Our sole purpose as a company is to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process. It added: “Hidrovias does not own, control or have any interest – direct or indirect – in the road in question (BR-163). The Swedish oat milk giant told Plant Based News it knew the investment would generate controversy, but while the choice to work with the consortium ‘may seem like an unexpected one’, Oatly believes it was ‘required for the advancement of the plant-based movement’. Discovered that @oatly has partnered with Blackstone – an investment company who part own companies who are responsible for Amazon deforestation. “Only through the deal itself have we managed to influence Blackstone. Her comments were likely inspired by a 2019 report by The Intercept, which said Blackstone owns a large part of Hidrovias do Brasil, and another ‘Blackstone company, Pátria Investimentos, owns more than 50 percent of Hidrovias’. Startup Europe. Speaking about the deal Oatly CEO Toni Petersson said: “It is my belief that capital has to turn green and do so for the right reasons…We chose to partner with Blackstone Growth because of their tremendous resources and unique reach.” We asked Oatly some questions & here’s what they said The investment by Blackstone into Oatly was reported in mid-July and apart from some Swedish environmentalists like the movie producer Fredrik Gertten, known for Bananas! 12 March 2021. Blackstone accused of ties with deforestation . It’s us, Oatly. We make oatmilk, which is an amazing plant-based dairy alternative that’s designed to be in tune with the needs of humans and the planet they live on. For now, Oatly accepts that people may choose to eschew its products – but it hopes to change minds as investments in green companies increase in the future. They chose to invest their money in a sustainability company, instead of stopping them elsewhere,” he continued. Well for starters, one of the new owners following a $200m investment deal last month is Blackstone, one of the largest private equity firms in the world seen by many as out of kilter with Oatly’s ethical brand. “This is exactly what Oatly’s brand is about: Dare to make uncomfortable decisions to push the world in the right direction. This is a first step on that path,” Petersson told Swedish newspaper Expressen. It was a purposeful decision because we know with them it will have the biggest influence over the overall financial market, and that is important for the advancement of the plant-based market.”. And with a new investment of $200m for a 10% stake of the company, Oatly is now worth $2bn. While it might sound a little weird (it's admittedly not the most appealing name), we trusted Oatly … She has interviewed a huge range of people, from Prime Ministers to authors, activists, pop stars and actors, and enjoys the varied range of topics writing for PBN allows her to tackle. Oat milk giant Oatly has risen to the top of the plant-based milk market with its vast assortment of high quality oat milks, pints of ice cream, and even yogurt. Developing the roadway itself causes deforestation, but, more importantly, it helps make possible the broader transformation of the Amazon from jungle to farmland,” the report said. Podesta and Tanden were talking about Jonathan Gray, the global head of real estate and member of the board of directors of the Blackstone Group, a Wall Street private equity firm that is now the largest single owner of real estate in the entire world. Oat milk is the it-thing of the 2020s but Oatly who started already in 1994 is … and Bikes vs Cars, who has openly criticised the deal, the criticism wasn’t widespread until a few environmentalists picked up on the Amazonas issue six weeks later. If we’re able to change mainstream capital into greener projects, we will start to see a new level of change,” he said. One company promoting itself heavily on the back of its claim to be tackling this issue has been Oatly. and Bikes vs Cars, who has openly criticised the deal, the criticism wasn’t widespread until a few environmentalists picked up on the Amazonas issue six weeks later. Dive Brief: Oat milk brand Oatly has come under fire from activists and consumers threatening boycotts after the company signed a $200 million deal in … As a former magazine editor, newspaper reporter, and features writer, her work has been published by The Guardian, The Huffington Post, and various regional newspapers, as well as Vegan Life magazine and Vegan Trade Journal. According to Oatly, accepting Blackstone as new owners will have an overall positive effect on the environment. According to Oatly, the decision to work with Blackstone involved an ‘intense thought process that was nuanced’. The company had $200m in sales in 2019, double what it reported in 2018. By entering your email you agree to Sifted’s. The company did not build this highway, nor are they paving it.”, But debate around the subject rages on, with Less Waste Laura writing: “It’s frustrating when our limited choices are made harder by companies making poor investment choices, that bring financial gain to people with no environmental or ethical standing in this world.”, Discussing the deforestation reports, Ishen Paran, general manager at Oatly UK, told PBN: “We don’t condone any practices that compromise the climate, and our approach is to focus on our work and our sustainability goals. “If we’re successful here, the financial world will recognize that, and that’s an incredibly important step for the plant-based movement. Climate activist Laura Young tweeted that Blackstone ‘part-owns two companies [Hidrovas do Brazil and Pátria Investimento] who are responsible for Amazon deforestation’, and said that for this reason, she will be ‘putting a pause’ on buying Oatly’s products for now. We’re at a stage where we need to scale up. Swedish milk lobby over advertising in 2015, Early investors in Deliveroo eye 60,000% return on their money, Europe is making faster cars and better batteries than Tesla, 18 founders-turned-investors to watch, according to top VCs. The reigning king of plant-based drinks is so notorious that oat milk is now called the next cash cow. Oatly chief executive Toni Petersson had a similar explanation about the Blackstone deal. We hope this will shine a light on how investments can be made, and how beneficial and profitable they can be, so more people do those investments.”, Maria is the editor of Plant Based News. But rather than settling for the consortium, the oat giant revealed it had ‘been working for a long time to secure this specific investment’. This has not been rebutted. The Swedish oat milk company Oatly is doing great on paper. “Everyone loves a startup, but when the startup turns scale-up, it loses that shine. This wasn’t the only appearance Blackstone has made in the Podesta emails. Oatly argues that what they have done marks a real change. “What we’re saying is that if investments made into green initiatives are a success, it is more likely that companies like Blackstone and the financial world will continue to invest in those areas above other areas. Another was when the then state-owned investment firm China Resources bought a 30% stake in the company in 2016, causing accusations of hypocrisy. Show previous slide Show next slide. Blackstone was cofounded by Stephen Schwarzman who according to Bloomberg single-handedly accounts for the vast bulk of the reported contributions toward Trump’s re-election effort. The investment was part of a $400 million funding package – half was secured through a green-deal bank loan which commits Oatly to ensure that all of its investments are in sustainable solutions. About Oatly. Oatly customers are vowing to take their business elsewhere after the company has been accused of ‘selling its soul’. This site, like many others, uses cookies to help us improve and customize your experience. Oatly is facing outrage from activists after signing a deal with Trump-linked private equity firm Blackstone. Only when the world’s richest people invest in sustainable companies, then we can make a … 3 September 2020, By Chris Stokel-Walker Please reload the page and try again. Some argue that for Blackstone the investment in Oatly is merely a way of greenwashing. By entering your email you agree to Sifted’s Terms of Use. One of the major concerns of consumers is that money they spend on Oatly will now directly go into the pockets of organizations they see as environmentally-destructive or otherwise unethical. In 2020 Oatly's sale of a US$200-million stake to investors including the Blackstone Group, which has financed companies driving extensive deforestation in the Amazon, as well as driving road development into the depths of the jungle for export of foodstuffs, angered consumers and led to … Want the best of Sifted in your inbox? By clicking submit, you agree to share your email address with the Plant Based News to receive marketing and updates. Because the future isn’t where you expected, Consumer/Advertising & Marketing/Analysis/, By Mimi Billing But, he conceded, the long-term aim is to ‘deliver investment and profits to our investors’ – and he firmly believes that this positive. I don’t.”. Reaching the climate goals and cutting greenhouse emissions by 50 percent by 2030, it’s imperative we make big change and it’s imperative the plant-based movement goes at a rapid pace – way faster than people are comprehending and that’s the decision behind all of this. The oat milk giant has faced criticism after it sold a stake to a controversial company, Oatly Canceled? According to reports, other Blackstone executives have different political affiliations, with president and COO Jon Gray donating to Democratic presidential candidate Joe Biden, and executive vice-chairman Tony James and Gray holding virtual fundraisers for the Democrats. Monthly cred to amazing people doing amazing things. Receive all the best news updates, giveaways, and much, much more. Oatly was founded back in the 1990s and is based on Swedish research from Lund University. © 2021 Sifted EU Ltd. All Rights Reserved. The large capital flow, which Blackstone, among others, represents, must change and become green. , Oatly Canceled female founders, Future Proof: Corporate Innovation newsletter, reports. But I ’ m confident we ’ re at a stage where we need to scale.... ‘ intense thought process that was nuanced ’ the unsubscribe link in e-mails... 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