New Global Champions: Why Fast-Growing Companies from Emerging Markets are Embracing LGBT+ Inclusion

1 Apr

Published 2021

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What is the purpose of this report?

This report aims to further strengthen the business case for LGBT+ inclusion, with a focus on emerging markets – where support for LGBT+ inclusion is often most needed. Many of the fastest growing companies based in emerging markets are embracing LGBT+ inclusion. This report presents a qualitative evaluation of this trend, and explores the underlying drivers.

What is its scope?

This report presents a comprehensive evidence base linking LGBT+ inclusion with the business performance of a group of the fastest growing companies headquartered in emerging markets.

Building upon the global evidence base developed by Open For Business, it also includes the internal and external actions that businesses can take to promote LGBT+ inclusive societies.

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Executive summary

Many of the fastest growing companies based in emerging markets are embracing LGBT+ inclusion. This report presents a qualitative evaluation of this trend, and explores the underlying drivers. The sample of selected companies for this research represent 96 of the fastest growing companies headquartered in emerging markets. They are poised to become the world’s next global firms and are quickly improving on global best practices to secure this position. One of these best practices the companies are beginning to adopt and improve upon is LGBT+ inclusion, even though many are based in countries or cities that are dangerous or hostile for the LGBT+ community.

Who are the authors?

Boston Consulting Group, led by Elliot Vaughn, Pavlos Papaefstathiou and Joanna Green, undertook the core research. Additional research, final analysis and writing of the report was undertaken by the Open For Business team, led by Drew Keller in Washington DC, alongside Tisha Cromwell and CJ Lin as well as Yvonne Muthoni in Nairobi, Kenya. Contributing authors include Ann-Kathrin Richter, Ruairidh Macintosh, James Moss and Monica Rivero of the Brunswick Group. Godrej, Natura and Wipro contributed their perspectives on and experience in promoting LGBT+ inclusive societies in their home countries. Jon Miller is the executive editor of Open For Business.