Target experienced a significant loss of $9 billion following a boycott over the PRIDE collection, NY Post reported. Disgruntled social media users initiated the boycott of LGBTQ-friendly clothing.
Target $9B loss in the week following boycott over LGBTQ-friendly PRIDE clothing for children
Prior to the controversy, Target’s stock closed at $160.96 per share, resulting in a market capitalization of $74.3 billion. However, the company’s shares have fallen by 1% to $141.76 in early trading on Thursday.
This week-long decline has led to a reduction in Target’s value to $65.3 billion, marking a 12% decrease in market capitalization. The substantial loss amounts to $9 billion, according to NY Post.
In response to solid backlash from certain customers, Target announced on Tuesday that it would be taking specific actions. These included removing certain products and implementing changes to its LGBTQ+ merchandise nationwide, just ahead of Pride month. The decision came after customers confronted store employees and caused disturbances by tipping over displays.
“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” Target said in a statement on Tuesday.
“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.”
Target faces backlash and makes changes to LGBTQ+ merchandise
Following incidents where customers knocked down Pride displays, confronted employees, and shared threatening videos on social media from inside Target stores, the company has announced changes to its LGBTQ+ merchandise.
Target’s CEO, Brian Cornell, had previously defended the LGBTQ-friendly products, emphasizing their societal importance.
However, Target did not specify the exact items being removed, although notable attention was drawn to “tuck-friendly” women’s swimsuits designed to provide comfort for transgender women who have not undergone gender-affirming surgeries.
Additionally, designs by Abprallen, a London-based company known for its occult- and satanic-themed LGBTQ+ clothing and accessories, have faced criticism.
The Pride merchandise has been available for purchase since early May, and with Pride month approaching in June. Target confirmed that it has relocated the merchandise from the front to the back of some Southern stores due to confrontations and negative reactions from shoppers in those areas.
