Madewell - 1792 Exchange

Rating Overview

Madewell is High Risk.

Madewell, a subsidiary of J. Crew Group, is High Risk. The company yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Madewell embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	High Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	High Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

J. Crew Group, the parent company of Madewell, received a score of 95 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2). Madewell outlines in its supplier code of conduct that suppliers must not discriminate based on sexual orientation (3). However, the company has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (4).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

High

Rationale:

J. Crew’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2). Madewell does not publish charitable giving guidelines (3).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

J. Crew’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2). Madewell does not provide protections against viewpoint discrimination (3).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Madewell has implemented mandatory diversity training for all employees (1). The company signed the Fifteen Percent Pledge and “committed to dedicate 15% of their shelf space to Black-owned brands” (2)(3). The company is a member of the “Don’t Ban Equality” business coalition, which advocates against any abortion restrictions because they are “bad for business” (4).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

J. Crew’s HRC 2025 CEI rating indicates the company provides a benefits package for employees which includes some transgender medical benefits for covered employees and dependents, including children. This may include paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2). In addition to J. Crew’s partnership with Black Lives Matter and the ACLU, Madewell made a donation of $750,000 to the Black Lives Matter organization in 2020 (3)(4). The company also donates to the Human Rights Campaign through its charitable giving program (5). It donates 100 percent of the proceeds from select clothing items to the National Network of Abortion Funds (6). Otherwise, there are no publicly known cases of the company using corporate funds to advance ideological causes, organizations, or policies (7).