The MarcetThe Marcet
  • News
  • Business
  • Finance
  • Investing
  • Markets
  • Forex
  • Crypto
  • Forum
  • Videos
  • Rates
    • Stocks
    • Cryptocurrency
    • Forex
  • More
    • Companies
    • Inflation
    • Tech
What's Hot

Gold Price Forecast: Further volatility is looming for XAU/USD in the next few days – Commerzbank

June 9, 2023

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023
Facebook Twitter Instagram
Facebook Twitter YouTube Telegram
The MarcetThe Marcet
Subscribe
  • News
  • Business
  • Finance
  • Investing
  • Markets
  • Forex
  • Crypto
  • Forum
  • Videos
  • Rates
    • Stocks
    • Cryptocurrency
    • Forex
  • More
    • Companies
    • Inflation
    • Tech
The MarcetThe Marcet
Home » Target loses $9 billion amid Pride merchandising controversy
Markets

Target loses $9 billion amid Pride merchandising controversy

Press RoomBy Press RoomMay 26, 2023No Comments4 Mins Read0 Views
Facebook Twitter Telegram Tumblr Reddit WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email

Target’s stock value is taking a hit, leaving shareholders in the lurch as controversy continues to swirl over its Pride merchandising plans, as first reported by Fox News Digital.

Shares slipped another 1.6% on Thursday and have dropped more than 12.6% since the furor erupted a week ago Wednesday, as tracked by Dow Jones Market Data Group. That amounts to $9.3 billon in market value. 

Shares have fallen for six consecutive days over that period, their longest losing streak since December 2022 and the worst six-day stretch since the six days ending May 25, 2022, when shares fell 27.34%.

Over the same time frame, the S&P 500 is little changed. Inquiries by FOX Business to Target on its stock selloff were not immediately returned. 

“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” a company spokesperson told Fox News Digital. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being 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.”

Ticker Security Last Change Change %
TGT TARGET CORP. 140.75 -2.35 -1.64%

CONSUMERS CREEPED OUT BY TARGET’S ‘TUCK-FRIENDLY’ WOMEN’S SWIMWEAR: ‘SHOPPING ELSEWHERE’

Adding fuel to the fire, the retailer’s Gay Pride collection has been linked to a controversial designer: Abprallen’s Erik Carnell, who is an outspoken Satanist whose brand features occult imagery and messages like “Satan respects pronouns” on brand apparel, Fox News Digital reported separately.

He is also known for aggressive messaging and phrases, including “Burn down the cis-tem,” which have been featured on the website along with one that says “homophobe headrest” with an image of a guillotine.

Carnell explained in an Instagram post that Satan represents “passion, pride and liberty” and “loves all LGBT+ people.”

Ticker Security Last Change Change %
BUD ANHEUSER-BUSCH INBEV 56.86 -0.75 -1.30%

Target is experiencing a similar ongoing trend at Anheuser-Busch following the Bud Light backlash after the brand sent transgender activist 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.

Since March 30 through May 25, the Bud Light parent has lost $18.8 billion in market value with shares down more than 14%, as tracked by Dow Jones Market Data Group, as nationwide boycotts of the beer began and sales tanked. The S&P 500 has risen 2.5% over the same time period. 

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.

Now with Memorial Day weekend approaching, the company is attempting even more damage control. Fox News Digital reported that Bud Light revealed a new promotion called the US Budweiser Family Memorial Day Rebate online for customers from eligible states. The rebate promises an amount “equivalent to the purchase price of one (1) 15-pack or larger, up to $15” of Bud Light, Budweiser, Budweiser Select or Budweiser Select 55 paid via Anheuser-Busch Digital Prepaid Mastercard. Based on recent prices for Bud Light products, however, in some cases this would be giving packs of beer away for free.

BUD LIGHT SALES DOWN 23.6% IN FIRST WEEK OF MAY AS BACKLASH CONTINUES INTO FIFTH WEEK AMID MULVANEY FALLOUT

Several executives who created and launched the campaign have since been put on leave.

Fox News Digital’s Brian Flood, Kristine Parks, Lindsay Kornick and Alexa Moutevelis contributed to this report.



Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleBloom or bust: homebuyers are still chuffed with Chelsea
Next Article Underlying inflation in Tokyo hit a 40 year high in May – recap

Related Posts

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023

Research advises caution over fund managers who switch firms

June 9, 2023

European stocks slip as traders look ahead to interest rate decisions

June 9, 2023

Binance.US suspends USD deposits after regulators crackdown

June 9, 2023

UK government sets price floor for oil and gas windfall tax

June 9, 2023

Amazon, Target modify deliveries in areas with poor air quality

June 9, 2023
Add A Comment

Leave A Reply Cancel Reply

Top News

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023

Northern Ireland’s governance freeze shows signs of thawing

June 9, 2023

Subscribe to Updates

Get the latest finance, business and many more news directly to your inbox.

Advertisement
Demo

The Marcet is one of the best Finance, Business, and Crypto news websites, we provide the latest news from the most trusted sources. Follow us to get the latest news now.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Gold Price Forecast: Further volatility is looming for XAU/USD in the next few days – Commerzbank

June 9, 2023

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023
Get Informed

Subscribe to Updates

Get the latest finance, business and many more news directly to your inbox.

© 2023 The Marcet. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.