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The growth of the internet and the emergence of social media are facilitating interactions between organizations and consumers. Among the content shared, we can find subvertising, which can take many forms: humorous, shocking, or even ironic. This study examines the impact of activist subvertising, shared by associations or NGOs, on the perception of the subverted brands. On the basis of a real campaign using subvertising to raise awareness of a social issue, we conducted a quantitative study among 161 French internet users. The results show that the credibility of the emitter is a prerequisite for the effectiveness of the subvertising and that a link between the defended cause and the subverted brand is necessary. Finally, the impact of subvertising on perceived brand ethics is limited in the case we studied: a luxury brand. The subsequent research implications and future research avenues are then discussed.