Target has seen a deep fall in stock value and market capitalization after it introduced a Pride collection. The blue-chip stock that was trading at $160.96 per share on Wednesday saw a fall to $138.93 on Friday after it reportedly released LGBTQ clothing for kids as well. The loss in stock price is equivalent to a loss of $10.1 billion in the market cap. There are mixed reactions on whether the boycott would work, long term.
The Minneapolis based retailer introduced rainbow themed clothing for kids. It also introduced “tuck friendly women swimsuits that would help conceal private of those who did not have gender-affirming surgery. However, the claim that it did so for kids’ suits is false according to a report in AP.
Target had said that it would remove some of the items but has not mentioned which merchandise would be pulled from its shelves.
In a statement Target said that they were making “adjustments…” and are “removing items that have been at the center of the most significant confrontational behavior.”
The company reiterated its support to the “LGBTQIA+ community” and said that it stood with them to “celebrate Pride Month and throughout the year.”
Target also moved its Pride section from the front of stores in some Southern states after protestors knocked down displays and confronted store workers.
Target CEO Brian Cornell defended the merchandise for the LGBTQ community. He said that selling these items was “the right thing for society,” according to the New York Post.
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Beer brand Bud Light faced a huge backlash after it partnered with transgender influencer Dylan Mulvaney as it tried to reach new consumers.
Disney also has LGBTQ friendly policies but has survived backlash as the brand is too popular and too prevalent among kids. This makes it very difficult for parents to boycott Disney.
In addition to these challenges, Target also reported a significant impact on its profitability due to theft and organized retail crime. The company anticipates a rise of up to $1.3 billion to its bottom line, with a substantial increase in inventory shrink compared to the previous year. Target emphasized that theft and organized retail crime are major factors contributing to this issue and that they are investing in strategies to prevent such incidents in their stores.
Pride month has been celebrated historically in the U.S. by many giant retailers. Perhaps it is time to find a balance between extreme “woke” and extreme “conservative” stands.
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Biden extends support to LGBTQ children after Florida ‘Don’t Say Gay’ bill moves forward
