Target has lost more than $10billion in market capitalization in the span of 10 days – as it continues to face backlash for Pride-themed merchandise.
Prior to the controversy – which stems over a LGBTQ-geared clothing campaign that touts ‘tuck-friendly’ bathing suits and pro-trans T-shirts for kids – Target shares were trading at $160.96, giving the retailer a market valuation of roughly $74.3billion.
By the time The New York Stock Exchange (NYSE) closed Friday, the blue-chip stock was trading at $138.93 – marking a loss of $10.1billion.
The sum, moreover, stands as the superstore’s lowest market value in an entire year – all achieved in a matter of days as customers swear off its products in response.
As this consumer-led retaliation continues to be felt, Texas Senator Ted Cruz devoted an entire episode of weekly podcast Friday to the backlash, classifying the burgeoning boycott as one difficult to achieve, but on that’s ultimately warranted.
Target has lost more billions of dollars in market capitalization in the span of a few days – as it continues to face backlash for a Pride-themed clothing rollout currently on display in its stores
Prior to the controversy, Target shares were trading at $160.96, giving the retailer a market valuation of roughly $74.3billion. By the time The New York Stock Exchange (NYSE) closed Friday, the blue-chip stock was trading at $138.93 – marking a loss of $10.1billion
As this consumer-led retaliation continues to be felt, Texas Senator Ted Cruz devoted an entire episode of weekly podcast Friday to the backlash, classifying the burgeoning boycott as one difficult to achieve but absolutely warranted
Likening the task to conservative pushback against DeSantis opponent Disney, the 52-year-old politician said the pronounced response currently being seen in the Minneapolis-based megastore’s share price is warranted, claiming Target ‘disrespected’ their customers with the recent rollout.
However, the senator said a successful boycott would be a lofty task, saying it would be tougher for conservatives to stop giving their hard-earned cash to a department store like Target rather than a beermaker like Bud Light.
‘Conservatives have typically been not very good at boycotts,’ Cruz explained, citing to Target’s eminence and status as a US fixture, while comparing the current backlash to the crisis that once surrounded Disney over its opposition to LGBT-related legislature from Ron DeSantis.
‘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’re not a lot of alternatives.’
‘There’s Six Flags, but Disney World is a pretty unique offering.’
The GOP official continued by pointing out Disney’s iconic catalogue of products, and how it would be borderline impossible to expect an American consumer to swear off something so unique – and something so sought-after.
‘I mean, look, 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,’ Cruz said.
In contrast, Cruz added, a boycott over something as nondescript as Bud Light is much easier to achieve, hence its success into getting brass at the Belgium-based brewer to bend to consumers’ whims.
‘What really came to bite Bud Light is that wasn’t a hard boycott,’ the politico said of the domestic beer’s inherent average-ness.
‘It’s difficult for nobody on planet Earth if you were going to order a Bud Light to say, “I’ll have a Coors Light.” That’s a very simple substitution.’
One of the most controversial items was this adult swim bottom, in the women’s section, that had ‘tuck friendly’ tags in stores. It is still being sold online
Other items include kids’ swim skirts that are made for ‘all gender expressions’ and other swim tops
Seen here is a $25 slogan sweater – part of Target’s Pride Collection – emblazoned with the words ‘cure transphobia not trans people’
An $18 ‘too queer for here’ tote bag is also for sale via Target’s website and in stores
Other items that are for sale on the Abpralle Etsy store are more sinister. Stickers and badges which denigrate ‘cis feelings’ – the feelings of non transgender people – and Fox News are among them
Badges for sale on Abprallen’s site include one with the slogan ‘young, bisexual and willing’
In a statement last week, Target said it had pulled some of the items that have ‘been at the center of the most confrontational behavior.’
‘Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and wellbeing while at work,’ Target said in a statement.
‘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,’ crisis communications manager Kayla Castaneda said.
The company did not specify which items had been taken off-shelves. Many of the swimsuits, onesies and t-shirts that sparked outrage remain available online.
There is also growing outrage over its partnership with Eric Cullen, a British transgender man, whose brand Abprallen encourages Satanism.
Target is selling two of the brand’s items – a $25 slogan sweater with the words ‘cure transphobia not trans people’ wrapped around a sword, an $18 ‘too queer for here’ tote bag, and a ‘we belong everywhere’ fanny pack that now appears to be sold out.
Eric – a transgender man – proudly shared photos of the collaboration on Instagram.
‘These have already got the transphobes infuriated with me and I feel like quite the celebrity to think that they believe this is all some big conspiracy and I have any power to brainwash anyone when I’m just some guy drawing pictures!’ he said.
A closer look at his other work reveals some more sinister material.
A description on Abprallen’s Etsy store details the designer’s interpretation of Satan
Badges with slogans like ‘Satan Respects Pronouns’, ‘Young, Queer and Willing’ and a lighter pin with the words ‘burn down the cis-tem’ are among other products.
Badges for sale on Abprallen’s site include one with the slogan ‘young, bisexual and willing’
He also models the ‘Satan respects pronouns’ t-shirt on an Instagram page while wearing BDSM-style horns and no pants.
In a bio on the brand’s website, he says he has always been fascinated with the ‘frightening and mystical’.
‘I juxtapose it with imagery of skulls and spooky things – an interest of mine since I was a child. There’s something magical about the unknown, the frightening, and the mystical which is why I so frequently feature these themes in my art,’ he says.
In a description on his Etsy store, he goes on: ‘Satan loves you and respects who you are. You’re important and valuable in this world and you deserve to treat yourself with love and respect.
The brand has now caught the attention of Arkansas Senator Tom Cotton. ‘Even by the standards of woke corporations, Target’s partnership with a Satanist to push the trans agenda on children is remarkable. ‘The next time Target comes begging for help, Republicans should respond, ‘best of luck,” he tweeted
Source: | This article originally belongs to Dailymail.co.uk
