From Absolut's blog:
This particular ad, which ran in Mexico, was based upon historical perspectives and was created with a Mexican sensibility. In no way was this meant to offend or disparage, nor does it advocate an altering of borders, nor does it lend support to any anti-American sentiment, nor does it reflect immigration issues. Instead, it hearkens to a time which the population of Mexico may feel was more ideal.
Verdad. But surely a global company would have realized that the ad would find its way north? How successful will a boycott be? Hard to say, especially with those, like Portfolio's Jeff Bercovici, who advocate for a boycott-boycott ingestion of Absolut.