Target stock loses $9 billion amid pride collection backlash
Jenny Goldsberry
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Target’s stock dropped as the retailer spirals deeper into controversy as a result of its 2023 pride collection.
Its shares slipped another 1.22% Friday, which only added to the total 12.6% lost during the first week of the collection, according to Dow Jones Market Data Group. Total losses are calculated to be $9.3 billion in market value.
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Target reported losses for seven consecutive days after it already hit a record Thursday as the longest losing streak since December 2022 and “the worst six-day stretch since the six days prior to May 25, 2022, when shares fell 27.34%,” according to Fox Business.
This comes after a week drenched in controversy over Target’s most recent collection, which included designs from Abprallen, a brand out of the United Kingdom and headed by a self-proclaimed gay, transgender man known as Erik, who had an affinity for satanism. The designer’s website has since temporarily shut down.
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“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and [well-being] while at work,” a statement from Target read earlier this week. “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.”
Target has had annual pride collections since 2012, with this latest one stirring up the most controversy.