Target, Anheuser-Busch and Kohls lost a whopping $28.7 billion in market value due to a backlash against their Pride campaigns and products.
Since the beginning of April, the market value of all three has collapsed – only Kohl’s is now starting to recover.
Brewing giant Anheuser-Busch also saw sales fall after it teamed up with controversial transgender TikTok star Dylan Mulvaney – losing 24.4 percent in the latest week of sales.
Regardless, both Kohl’s and Target have been mired in an ongoing backlash after unveiling their Pride collections in early May.
Kohl’s was forced to heavily discount its Pride merchandise after just one week of its annual month-long celebration.
According to the latest data, sales plummeted 24 percent after Modelo dethroned Especial Bud Light as the best-selling beer in America after holding the top spot for 22 years
The Wisconsin-based retailer, which operates more than 1,100 stores in 49 states, is now discounting its Pride collection both online and in stores.
According to Axios, the company’s shares are underperforming and shares plummeted more than 20 percent after the riot but have since recovered.
A navy blue t-shirt featuring the rainbow colors of the LGBTQ flag and the word “Pride” is now on sale at 60 percent off for $4.80.
Target lost over $4 billion in market value in just under three weeks after the company began selling its Pride collection, which included a “tuck-friendly” women’s swimwear line for transgender women.
The pullback came as shareholders were hit by a downgrade by Bank of America, which lowered its price target to $145 from $180, while saying the cut was in response to weakening comparatives, slower traffic and modest exposure to the stock mobile apps.
As a result, the retailer lost more than $15 billion at times, but recovered slightly to $61 billion by Wednesday from a peak of $74 billion last month.
Target was also criticized for collaborating with a designer who appeared to support the devil and posed in satanic outfits.
Erik Carnell is the British designer behind Rebound, an LGBTQ brand that sells t-shirts, sweaters, bags and badges – with Target selling two items from the brand.
The market cap of Anheuser-Busch, Bud Light’s parent company, has plummeted $27 billion following a disastrous collaboration with transgender influencer Dylan Mulvaney
A T-shirt sold at Kohl’s on Thursday was offered at a 60 percent discount, eight days after the start of Pride Month celebrations
Much of the merchandise for Pride was found in the 50 percent off section
Many have called for Target to get the “bud light treatment” — a nod to the hard-and-fast boycott the beer brand has faced following an ill-fated social media partnership with Mulvaney.
Experts have since blamed a “culture war” for making companies more vulnerable to backlash when changing their logos for Pride events – with some accused of signaling virtue after retaining their Middle East accounts.
Eurasia Group analysts Kylie Milliken and Noah Daponte-Smith wrote in a client note last month, “Many companies are celebrating Pride by changing their logos, sponsoring celebrations and offering themed products.”
“While these corporate statements have been widely accepted for years, the deepening culture war could leave companies more vulnerable to backlash.”
“While conservatives will seek to impose economic consequences on companies that vocalize transgender rights, progressives expect brands to be inclusive and will boycott companies that minimize their LGBTQ+ support in response to conservative pressure.”
Books like “Bye, Bye, Binary – nobody puts their baby in a pink or blue corner!” are also sold
Target sparked backlash after releasing its product selection for LGBT Pride month
Modelo surpassed Bud Light’s $297 million following Bud’s disastrous collaboration with trans influencer Dylan Mulvaney — a 22.8 percent drop in sales from the same period last year
Erik Carnell is the British designer behind Rebound, an LGBTQ brand selling t-shirts, sweaters, bags and badges
Several major US companies, including Target, Adidas and Bud Light, are facing significant backlash over Wake ad campaigns.
The CEO of Anheuser-Busch in America announced a new advertising campaign aimed at promoting the beer as “easy to drink and enjoy”.
Brendan Whitworth said the company will be “investing” to protect the jobs of its frontline workers – underscoring the impact the drop in sales has had on the brand.
Sales have plummeted 24 percent in the latest data, with Modelo Especial dethroning Bud Light as the best-selling beer in America after holding the top spot for 22 years.
Whitworth also plans to tour this summer in connection with Budweiser’s MLB sponsorship – which pundits speculate is an attempt to fight back and regain market share.