Target shares hit amid Pride controversy
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Target shareholders are feeling the backlash underway at the retailer as controversy swirls over its Pride merchandising plans, first reported by Fox News Digital.
Shares slipped further Wednesday and have dropped over 6% this month, with half of that drop taking place this week alone. Over the same time frame the S&P 500 is down fractionally.
“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month. Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and wellbeing while at work. 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. Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year,” a Target spokesperson told Fox News Digital.
Target is experiencing a similar trend that Anheuser-Busch experienced following the Bud Light backlash after the brand sent transgender actvisit Dylan Mulvaney a personalized pack of beer with the influencer’s likeness as part of an ad for the company’s March Madness contest and to celebrate the year anniversary since Mulvaney began identifying as a woman.
The Bud Light parent lost billions in market value as nationwide boycotts of the beer began and sales tanked. CEO Michel Doukeris attempted to distance the company from the campaign while also vowing to help distributors who bore the brunt of the financial outcry.
Several executives who created and launched the campaign have since been put on leave.
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Fox News Digital’s Brian Flood contributed to this report.