Retail giant Target is facing a prolonged backlash after unveiling several LGBT-related products and displays. Several of the themed goods were marketed specifically to children. Now, the company’s stock has fallen to its lowest point in a year.
Target stock has fallen more than 10% over the last month. One investment fund, the American Conservative Values ETF divested its holdings in the company and placed Target’s stock on its “Refuse to Buy” list.
The company wrote that Target’s “ever-increasing pandering to the Woke LGBT agenda has backfired and its management team’s inept response to a crisis of their own making has significantly damaged their brand across the political spectrum.”
The investing fund also said that they believed that Target’s “long-term performance will suffer because of it.”
The controversy began when the company marketed a “Pride” collection which included a number of satanic and occult-themed items with LGBT messages. One shirt read “Satan respects pronouns.”
In addition, the company sold women’s swimsuits advertised as “tuck-friendly,” intended for use by biological men.
Target’s Stock Market Value Takes $6 Billion Hit Since Backlash Over ‘Pride’ Collection https://t.co/eiM2l2w4Br pic.twitter.com/LMrQKTU8re
— Daily Wire (@realDailyWire) May 25, 2023
Target quickly changed course following the negative public feedback, announcing that it would be removing the products that “have been at the center of the most significant confrontational behavior.” The company claimed that this was due to “threats impacting our team members.”
The retail chain’s current issues follow a similar controversy that harmed the sales of Bud Light. The beer brand partnered with transgender influencer Dylan Mulvaney, leading to a widespread boycott.
Reports surrounding Target’s change of course directly cited the Bud Light situation in the hope to avoid the same fate for the chain store.
Bud Light’s sales have fallen by more than 28% since the partnership was announced at the start of April.
The brand, traditionally the most-consumed beer in the country, is now offering sharp discounts and rebates to drink the beverage. One recent price promotion offered a 24-pack of the beer for $3.49.
Similarly to Target, Bud Light’s parent corporation Anheuser-Busch has faced a 14% decline in its stock price.
