On Monday, the company’s stock fell another 2.03% since the backlash over its Pride Month advertising campaign started.
Since the controversial campaign advertising “tuck-friendly” apparel aimed at transgender consumers, Target’s market value has fallen over $13 billion to $60.24 billion as of Monday’s closing price. Target’s market value was over $74 billion before the polarizing Pride displays made national news. Target found itself in a lose-lose situation when initially it irked conservatives with over-the-top Pride displays that featured a plethora of children’s items, but then outraged the LGBTQ community when the displays were dialed back ahead of Pride month.
Monday’s decline leaves shares at $130.52 per share. The retailer recently suffered nine-straight days of losses on the heels of backlash from both sides of the issue.
Target shares have fallen over 20% during the quarter as the retailer deals with the fallout from its Pride merchandising displays.
The retailer, which has supported LGBTQ Pride for years, this season offered merchandise that included female-style swimsuits that have the option to “tuck” male genitalia. Other products were labeled as “Thoughtfully fit on multiple body types and gender expressions.” Target also sold a “Gender Fluid” mug, a variety of adult clothing with slogans such as “Super Queer” and a “Grow At Your Own Pace” saucer planter in addition to controversial items for kids including a coloring book that features same-sex couples kissing.
Last month, Target confirmed that “adjustments” to the Pride merchandising plans were underway after Fox News Digital learned it rolled back displays at some of its locations. A Target insider told Fox News Digital that some Southern stores were forced by the corporation to move LGBTQ Pride merchandise away from the front of their locations after customer outrage to avoid a “Bud Light situation.”
The Pride merchandise continued to cause problems for Target when many LGBTQ advocates slammed the company for moving the merchandise. Democratic California Gov. Gavin Newsom even accused Target of participating in a “systematic attack” on LGBTQ communities across the country.
LGBTQ advocate Heather Hester scolded Target’s “rainbow capitalism” last week. “Really what Target ultimately did was show that they were in this just for the money,” Hester told Fox News Digital.
“Rainbow capitalism is essentially, you know, selling Pride products for profit and not necessarily standing behind the community with support,” Hester continued. “That’s what happened, right? There are a lot of things that go into that, but that is what happened at the end of the day.”
