This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Tanger Inc. operates as a real estate investment trust (REIT) that owns and manages outlet and open-air retail shopping centers. The company leases retail space to tenants, which include brands that sell products derived from animal exploitation, such as leather goods, fur accessories, and cosmetics tested on animals. As a landlord, Tanger derives its revenue from these tenant operations, creating a direct commercial link to the sale of animal-derived products.
Cruelty Free Investors lists Tanger Inc. among companies that exploit animals, categorizing it under a broad exclusion for commercial activities tied to animal harm. The company’s 2024 Impact Report does not address policies restricting tenants from selling animal-derived products or cosmetics tested on animals, indicating a lack of safeguards against this revenue stream.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.