OPINION | This article contains the author's opinion.
Many Americans are boycotting “woke” companies that have partnered with controversial left-wing activists, including Nike, Adidas, Target, North Face, Maybelline, and Bud Light’s parent company Anheuser-Busch.
Investors and shareholders of Target and Anheuser-Busch have lost a combined $28 billion as the stock price craters.
Anheuser-Busch lost nearly $19 billion with shares down 14%. In the meantime, other companies have gained value as the S&P 500 has risen 2.5% over the same time period.
Target lost an additional $9 billion so far. The company’s market value has dropped over 12.6%.
The retail giant is facing major backlash after unveiling its “Pride Collection” of female swimsuits that are “tuck-friendly” with “extra crotch coverage.” Target offers over 2,000 products as part of its Pride Collection.
🚨BREAKING 🚨
Target stock has just COLLAPSED to its lowest trading value in a YEAR with no end in sight.
For the first time in my life, common sense Americans are standing up for themselves and committing to ACTION.
We are the majority. We are winning. We’re just getting… pic.twitter.com/7y0DBtUemi
— Benny Johnson (@bennyjohnson) May 26, 2023
This includes “gender fluid” mugs, “queer all year” calendars, and books for children as young as 2 years old that celebrate LGBTQ views.
Target is scrambling and made “emergency” calls to managers and senior directors in order to address concerns about its “Pride collection.” The company has removed a couple of products, but has decided to continue selling most of the products included in its “Pride Collection.”
Target removed a sweater that read “cure transphobia not trans people” and a “too queer for here” tote bag.
During an interview with Fox News, associate chair of marketing at Northwestern Timothy Calkins said, “These are both cases where brands have gotten in the middle of some really controversial issues.”
Would you look at that.
Anheuser-Busch stock just CRASHED to its lowest trading value for all 2023 with absolutely no end in sight.
And Bud has lost over $10 billion in market cap since the boycott.
Strong Men killed the Bud Light brand.
Take a bow, mah boys.
We are powerful. pic.twitter.com/N5HowyTRik— Benny Johnson (@bennyjohnson) May 24, 2023
“I think we’ll see more brands be very cautious about getting into the middle of some of these really controversial issues,” he added.
“It was pretty clear, with Bud Light, that decisions were made by the team working on the brand, but not by more senior executives,” Calkin said. “And so, there wasn’t really a line in there.”
“I think in hindsight a team would say, you really don’t want to get involved in that controversial an issue,” he said. “The problem is it just takes your brand into a space that it doesn’t need to be, and it just creates a lot of strong feelings about something that isn’t really related to the product or its brand.”
Earlier this month HSBC analyst Carlos Laboy said, “Why did its US leadership underestimate the risk of pushback given the recent experience of other firms? Is A-B hiring the best people to grow the brands and gauge risk?”
“Recent high-profile and controversial marketing decisions by Target and Bud Light are backfiring and burning shareholders in the process to the tune of a combined $28 billion.”https://t.co/tpmUk76UPp pic.twitter.com/FogtsjnBPW
— Chief Nerd (@TheChiefNerd) May 26, 2023
“If Budweiser and Bud Light are iconic American ideas that have long brought consumers together, why did these marketers fail to invite new consumers without alienating the core base of the firm’s largest brand? These questions are not trivial to the crisis and say a lot about the state of A-B’s marketing culture” he said.
Target has been an outspoken supporter of LGBTQ Pride for many years. However, this year’s merchandise was notably far more controversial.
“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” a company spokesperson told Fox News.
Despite the boycotts, Target has no plans of backing down from promoting LGBTQIA+ products.
“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,” the spokesperson added.
“I believe Target is still very much going to support Pride. And I think we’ll see lots of organizations do that because that is an issue that has broad support across the country and that isn’t as controversial transgender issues,” Calkins added.