American Express, Giorgio Armani, Gap and Converse today joined forces with the rock star Bono to sell products under a brand called Red that will dedicate some of its profits to the fight against HIV/Aids.
The venture, announced today at the World Economic Forum in Davos, Switzerland, is the latest example of “corporate social opportunity”, where companies try to grab the attention of consumers by using good causes as a marketing tool.
It is intended that Red will be publicised mainly through word-of-mouth and public relations campaigns. Red revenue will go towards Global Fund, a public-private partnership that has committed £2.5 billion on health programmes since 2002.
Dressed in a denim jacket and sporting his trademark wraparound sunglasses, Bono, who fronts the band U2, said the venture will include an American Express card, shoes, T-shirts and sunglasses, revenues from which will go towards the Global Fund to Fight AIDS, Tuberculosis and Malaria.
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Bono addressed the assembled delegates saying: “so, here we are fat cats in the snow and I say that as one. It is a great place to do business and we have some business we want to talk to you about.”
Richard Feachem, the executive director of the Global Fund, said: “Red will bring a rising income stream...[and] increased awareness of HIV in Africa and the role of the Global Fund to finance programs to treat it,” he said.
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“Income from Red will flow to support Global Fund programs in Africa against HIV Aids, especially programs that help women and children.”
The World Economic Forum has released a joint study by a panel of experts that rated the likelihood as “very high” that there would be new HIV and tuberculosis infections of 5 million people this year.