Apparel Startup XX-XY Athletics Is on a Mission to Save Women’s Sports. Critics Say It Is Cashing in on the Anti-Trans Movement
Media Coverage
Expert Commentary
Business Ethics
Ali Donaldson examines whether you can build a profitable business on transphobia, featuring critical analysis on the investment thesis behind prejudice-based business models.
Originally published in Inc. Magazine on October 20, 2025
An apparel startup generating millions in annual sales by monetizing transphobia through dog whistling—a business model built on prejudice.
“The investment case for this business is that prejudice against trans people is an indelible trend and will compound at some crazy rate, and not only will that be true, but also that people will feel it necessary to represent that in some sort of associative way day-to-day.”
“Part of what they’ve done very artfully is found a way for people to dog whistle.”
Read the full article: Inc. Magazine - XX-XY Athletics Coverage