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Target’s market cap plummets by $9 billion as Pride’s clothing scandal

Target found itself in a Bud Light moment for retailers as its market cap plummeted billions in the aftermath of protests against its Pride clothing line.

The company’s market capitalization hits its highest since May 17 after backlash over its Pride 2023 apparel line for kids and adults, including some items created by Satanist-influenced British designer Abplallen. decreased by $9 billion.

At the close of trading on Wednesday, the market cap was at $66.05 billion, down 11% from $74.29 billion on May 17, for a loss of $8.24 billion.

The price fell further in early trading on Thursday, but recovered some of its losses later in the day.

“Bud Light made a man a female brand ambassador for its company, which resulted in a nearly 30% drop in sales,” said Michael Seifert, CEO of Public Square, a marketing app that keeps consumers away from awakened companies. talk.

He tweeted, “Target has forced transgenderism on children and lost $9 billion in market cap in a week.” “This is what happens when Americans stand up and say enough is enough to wake up businesses.”

Products that have been criticized include women’s one-piece swimsuits with “tuck-friendly” flaps that fit the penis, drag queens, “queer all year round”, and “homophobia and transphobia are in education”. It can be cured”, “It is not a stage.”

The line also includes children’s clothing and baby onesies with rainbow-themed slogans such as “Just Be You and Feel the Love.”

The Heritage Foundation posted a video on Thursday showing what appears to be a child-sized swimsuit with a “tuck” feature.

Conservative comedian Alex Stein posted a video of himself trying on a “tuck” swimsuit at a Target store.

“We’re at Target trying on the Pride collection, which is tuck-friendly. Yes, folks, it’s got great groin coverage and tuck-friendly construction. Thank you, Target!” said Stein.

Target responded to the furor by saying it was removing products “at the center of the most divisive behavior.” Some stores have moved the entire Pride Collection display to the back of the store, consumers said.

“We are now focused on continuing our commitment to the LGBTQIA+ community and walking with them throughout Pride Month and the year,” Target said in a statement Wednesday.

The company has been offering products to celebrate Pride Month for more than a decade, and Target noted that it was one of the first major retailers to publicly say trans women had access to its women’s restrooms and changing rooms.

But this year, tensions over gender identity have increased as they demand that biological men who identify as women be added to women’s institutions, sports and categories.

Anheuser-Busch’s Bud Light brand faced a public backlash in April when it celebrated transgender influencer Dylan Mulvaney’s “365 days of girlhood” with personalized cans.

Target sold three items of Abpralene: A messenger bag that says “We Belong Everywhere” on rainbows and planets. “Too Queer for Here” tote bag. According to National Review, the sweatshirt “cure transphobia, not transgender.”

No longer available online.

“It’s incredibly exciting to be able to sell my products in Target stores,” Abplarene designer Eric Carnell said on Instagram last week.

“It’s great to know that people are watching this film without (necessarily) explicitly asking for anything LGBT related, and especially knowing that young people in the dark will watch this film.” It’s nice, and I hope they somehow feel a little “more comfortable with themselves, as we all deserve to feel,” he said. .

Carnell told Reuters that demand for his products has surged since the Target backlash. He also sells pins with messages like “Satan Respects Pronouns” and “Trans Healthcare Now.” Target’s market cap plummets by $9 billion as Pride’s clothing scandal

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