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The Drum’s Daily Briefing: Dr Martens’ profits plummet & Budweiser responds to ASA


By Amy Houston, Senior Reporter

May 31, 2024 | 3 min read

Our quickfire analysis of the brand, marketing and media stories that might just crop up in your meetings and conversations today.

Dr Martens's famous black boots

Dr Martens profits fell almost 43% / Abbie Togstead on Unsplash

Dr Martens’ profits plummet

Following a “challenging year” for the shoemaker, Dr Martens has said global pre-tax profits in the 12 months to March were £97m – a fall of almost 43% on the previous year. Revenue also dipped 12% to £877m – down from just over £1bn in 2022/23.

The British brand blamed the disappointing numbers on the US, its largest market, where it said there had been weak consumer demand and a 17% fall in sales of its boots.

Source: Sky News

Wordle in legal row with geography spinoff, Worldle

The owner of the popular online game Wordle is legally contesting a geography-themed spinoff named Worldle.

In the lawsuit, the New York Times, which acquired Wordle for a seven-figure amount in 2022, alleges that the similarly named game is “creating confusion” and trying to profit from “the enormous goodwill” linked to its own brand.

However, Worldle’s creator, software developer Kory McDonald, is determined to fight back, arguing that many other games have similar names.

Source: BBC News

Budweiser responds to ASA claim

Budweiser has had to clarify a claim on its website that its beer is brewed using “100% renewable” energy following a complaint. The Advertising Standards Authority (ASA) “informally resolved” the complaint, meaning the brewer agreed to substantiate the statement and detail fossil fuel use, and the issue was not made public.

The homepage of Budweiser's UK website now features an asterisk beside its “Budweiser is brewed with 100% renewable electricity” statement. At the bottom of the page, a clarification details the electricity it uses and the renewable electricity it produces.

Source: Sky News

WeWork eliminates $4bn in debt after judge approves bankruptcy plan

A US bankruptcy judge has approved WeWork’s Chapter 11 bankruptcy plan, allowing the struggling shared office space provider to eliminate $4bn in debt and transfer control to a group of lenders and the real estate tech firm Yardi Systems.

Just days after co-founder and former CEO Adam Neumann announced he had shelved his bid to buy the company, WeWork stated that it expects to emerge from bankruptcy next month.

Source: The Guardian

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