A recent boycott of Target over its sale of LGBTQ products shows no sign of abating deep into Pride Month as the company fights for its life following a stunning $15 billion loss in the public markets.
In May, customers began posting video and pictures from inside stores showing “tuck friendly” adult swimsuits and Pride-themed clothing for children, drawing outrage in conservative circles and levying accusations that the retailer was going “woke” in advance of the traditional annual LGBTQ celebratory month. Backlash against the brand has steadily built up for weeks, and on Friday the company’s stock hit its lowest point since 2020.
The Post Millennial:
At Friday’s close last week, the brand was selling at $126.99-per-share, or a $15 billion loss in market cap since the boycotts started just less than a month ago. On May 17, Target was selling at $160 per share, dropping $9 billion in a single week.
According to the Daily Mail, the retail giant’s market cap sat at $74 billion, and now it sits at just over $54 billion total. Analytics have shown that customers leaving Target are taking their business to Walmart.
The latest woes for Target come on the heels of a downgrade by JPMorgan of the retailer.
As online sleuths deepened their investigation of Target’s business practices, someone unearthed a marketing partnership between the company and an avowed Satanist. One of the shirts that designer Erik Carnell displays on his website says “Satan respects pronouns,” with an image of a goat-headed medallion, and another of a guillotine that reads “Homophobe Headrest.” Another partnership with Target involved an organization calling for Mount Rushmore to be abolished.
In a statement, Target backtracked and said it had pulled the items from its online store. “Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,” according to a spokesperson.
Public consternation over Pride Month has been elevated this year as brands like Bud Light, Fox News, Kohl’s, and Chik-fil-A each take their turn suffering the “woke” tar-and-feathering by conservatives who would rather see businesses focused on customer service than value statements.