Vans has become the latest big-name retailer to pull its advertising from Facebook as the #StopHateForProfit campaign, with almost a third of advertisers considering similar action.
The fashion giant has announced plans to pull its “ad dollars from Facebook and Instagram for the month of July” and reinvest the money to support Black communities through empowerment and education programmes.
“Racial inequality in the world is supported and fueled by systemic racism,” Vans said.
“We all have the responsibility to dismantle these systems of oppression. We commit to take action for the long haul because Black Lives Matter and matter is the minimum. We are currently working on our commitments and creating our full action plan, however we are not waiting until we have a perfect plan in place.”
Meanwhile a new report from the World Federation of Advertisers, whose members control nearly $100 billion (£81 billion) in advertising spend, suggested nearly a third of advertisers could follow suit.
According to the report, around a third of the world’s top 58 advertisers will, or are likely to, pull their advertising from Facebook’s platforms this month.
A further 40 per cent say they are considering taking similar action.
It follows yesterday’s news that Adidas, Puma, HP, Ford and Best Buy had joined the growing list of companies boycotting Facebook.
The campaign, which also counts Levi’s, Unilever, The North Face, Patagonia and Starbucks as supporters, is targeting Facebook over its failure to tackle the spread of racist, hateful and misleading information on its platform.
The growing list of companies boycotting Facebook is exerting pressure on other brands to follow suit, leading its stocks to drop from $242.24 on Tuesday to $216.08 on Friday, wiping $56 billion of its market value.
Despite this since Monday, Facebook’s share price has gradually recovered to $227.7.