The stock market value of the Target department store chain plummeted after its LGTBQ Pride Month product line was made public. The chain's shares have been falling since Wednesday, May 17, and this Thursday, reached a yearly low of $139.15 per share.
The New York Post estimates that Target's losses reached $9 billion after the scandalous LGBTQ offering was pointed out by several customers on social networks. A week earlier, the chain's market capital stood at $74 billion but fell to $64.54 billion on Thursday. The annual decline in the company's shares is 12.58%.
When they named their company “Target” they were referring to your children. pic.twitter.com/lA11QyDc1y
— Texas Family Project (@FamilyProjectTX) May 25, 2023
The situation is surprisingly familiar since it occurred only a few months after the massive scandal surrounding the Bud Light brand and the influencer they hired for their "groundbreaking" advertising campaign: the trans tiktoker Dylan Mulvaney.
Tuck-friendly swimsuit with satanic designs
The controversy arose when the chain's offer of "LGBTQ-friendly" products went viral, some intended for minors, according to customer complaints. Among the products that caused the most outrage was the "tuck-friendly" swimsuit, intended for men, despite having a feminine design. The "tuck-friendly" part is a wider groin area to allow for better fit and protection of the male genitalia in the swimsuit. The product appeared shortly after Adidas unveiled a women's swimsuit worn by a man on its website. Also occurring this year was the fight of Riley Gaines, a swimmer and activist for women's rights in sports and against the participation of transgender men. Other pieces aimed at minors are labeled as "slightly shaping."
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The pieces were mostly designed by Abprallen, a British firm known for producing and selling satanic and LGTBQ-themed clothing, among others. The brand's website is temporarily closed to the public. In a statement, the head of Abprallen sends thanks for the messages of support received in recent weeks and promises to return soon.
In response to the controversy, Target removed some products from its LGBTQ line. On the chain's website, Voz Media verified that the website no longer offers the products intended for minors and that the catalog is blank when the category is selected. Other sources claim that some of these products are placed in more discreet areas of their physical stores.
Alex Stein and his ‘tuck friendly’ swimming costume.
And that’s why target has been targeted with a boycott.
Gotta love Alex!
Go woke, go broke. 🤮 pic.twitter.com/JRWqnZsyqG
— Ex_Supra 🇮🇪 Q애국자🇭🇺 (@Ex_Supra_9) May 25, 2023
The company hides the products
In a statement released Thursday, the brand said its stores and employees had been threatened since the controversy erupted. "Since we introduced this year's collection, we have experienced threats that affect our team members' sense of security and well-being while working," the text reads. "Given these volatile circumstances, we are making adjustments to our plans, including withdrawing items that have been at the center of the most significant confrontational behaviors," the text continued.
Target's management defended, however, the existence of its line in commemoration of LGBTQ Pride Month. For now, the department store chain's shares continue to fall, and criticism continues to grow.