Target loses $10B following boycott calls over LGBTQ-friendly clothing

Target has lost $10 billion in market valuation over the last 10 days as the popular retailer continues to face backlash over its Pride-themed clothing line for children. A week ago Wednesday, Target enjoyed its stock value at $160.96 a share, but following the calls to boycott the Minneapolis-based retailer over its PRIDE collection, the

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Target has lost $10 billion in market valuation over the last 10 days as the popular retailer continues to face backlash over its Pride-themed clothing line for children.

A week ago Wednesday, Target enjoyed its stock value at $160.96 a share, but following the calls to boycott the Minneapolis-based retailer over its “PRIDE” collection, the value plummeted and closed Friday at $138.93 a share.

The nearly 14% drop in value for the blue chip stock roughly translates to a $10.1 billion loss in valuation to just $64.2 billion for Target, which has nearly 2,000 stores nationwide.

The plummet stands as the retailer’s lowest stock price in nearly three years.

The last time the company saw a drop nearly this big came in 2022 after the stocks equalized following an unprecedented surge during the COVID pandemic.

Target, which has been caught in the middle of America’s culture wars over gender, moved its Pride section in some Southern stores away from the front last week after it said displays were knocked over by protesters, who also confronted workers.

Target faces backlash over its latest “PRIDE” collection featuring Pride-themed clothing. BACKGRID
Much of the backlash surrounds clothing marketed for children. BACKGRID

The retailer also said it would remove items from the collection, but did not specify which ones.

Among the ones that garnered the most attention were “tuck-friendly” women’s swimsuits that allow trans women who have not had gender-affirming operations to conceal their genitalia, as well as rainbow-themed children’s clothing.

While many have likened the conservative boycott against Target to that of Bud Light – which saw sales crash after partnering with transgender influencer Dylan Mulvaney – Texas Sen. Ted Cruz doubted the backlash against the retailer would be as impactful.

Speaking on his podcast Friday, the Republican said that while multiple alternatives exist to replace Anheuser-Busch’s brands, the same is not so for Target.

Target has said it removed certain items following harassment from customers in Southern stores. BACKGRID
Swimsuits designed for transgender individuals have also been at the forefront of the controversy. BACKGRID

He instead compared the retailer to Disney, which suffered backlash after speaking out against Florida’s so-called “Don’t Say Gay” law last year, but continues to be a financial giant.

“You can be annoyed at Disney but if your kids really want to go to Disney World, that can be hard to say no to. There are not a lot of alternatives. There’s Six Flags but Disney World is a pretty unique offering,” Cruz said.

“There’s only one Snow White or Cinderella or Toy Story from Pixar. That is a difficult product for many people to give up permanently.”

Target has nearly 2,000 stores nationwide and has seen its stock value drop by nearly 14% in the last 10 days. BACKGRID

The Texas politician said the efforts against Target could quickly wilt because “historically, conservatives have typically been not very good at boycotts.”

Target CEO Brian Cornell has defended the LBGTQ-friendly merchandise, saying selling them was “the right thing for society.”

Target didn’t immediately return a request for comment Sunday.

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