Breaking: Target Sheds $9 Billion in Market Cap amid Backlash over ‘PRIDE’ Collection
Target lost billions in market value after conservatives called to boycott the retail giant, whose 2023 "PRIDE" collection featured a "tuck-friendly" swimsuit to obscure male genitalia and other items designed by a brand that specializes in Satanist-inspired merchandise.
Since last week, when the controversy kicked off online, Target lost nine billion in market value. The company’s stock fell from just over $160.00 to about $141.00 a share, amounting to a 12 percent drop.
Target reported an annual $109 billion in total revenue in 2022, a 2.9 percent increase from the previous year. The corporation has nearly 2,000 stores in the United States and over 400,000 employees. Forbes ranked Target at #44 on the "Best Brands for Social Impact" in 2023 and #51 on the "World's Best Employers List" in 2022.
Prominent conservative figures advocated a boycott of Target in response to the 2023 “PRIDE” collection, which included swimwear with a “light-binding effect” on breasts. Target claimed that employees were experiencing "threats" which impacted their "sense of safety and well-being while at work." The corporation directed some store managers to relocate pride-themed merchandise away from the front of their respective locations.
"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 said in a statement on May 24. "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."
The backlash was partly inspired by Target’s partnership with Abprallen, a brand that specializes in merchandise that features satanic imagery and that glorifies violence against alleged “transphobes.”
Target initially sold three Abprallen products as part of its 2023 “PRIDE” collection: a messenger bag saying "We Belong Everywhere" across trans-flag colors and planets, a tote bag with the message "Too Queer for Here" beneath a UFO, and a "Cure Transphobia, Not Trans People" sweatshirt. The three items are no longer for sale online.
When Target approached the brand Abprallen, the retail giant was fully aware of the brand's Satanist-inspired merchandise, according to a statement posted on Instagram by the designer.
Target's reaction to conservative backlash is notably different from its response to the riots for "racial justice" in 2020.
After a Target store in Minneapolis was looted and severely damaged in May 2020, the corporation committed $10 million to social-justice initiatives and 10,000 hours of pro-bono consulting services for "Black- and people-of-color-owned small businesses in the Twin Cities." In 2021, Target announced an investment of $100 million through 2025 to "help fuel economic prosperity in Black communities across the country."
"Target stands with Black families, communities and team members. As we face an inflection point in Minneapolis and across the country, we're listening to our team, guests and communities, committed to using our size, scale and resources to help heal and create lasting change," said Brian Cornell, the chair and CEO of Target, in June 2020.
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