The financial toll of the Pride backlash by conservatives against Anheuser-Busch, Kohl's, and Target has resulted in a collective $28.7 billion loss in market value since the beginning of April, according to Axios.
Reactions to "woke" policies and sales pitches mean companies could find themselves targeted at any time with the fallout being unpredictable, the news outlet said.
Anheuser-Busch, fighting to recover from the backlash over a social media Bud Light promotion with transgender influencer Dylan Mulvaney, told its customers, "We hear you." In a statement posted on the company website, Brendan Whitworth, Anheuser-Busch's CEO, offered no apology for the controversy.
According to Axios, the controversy resulted in a loss of billions of dollars off its market capitalization and shaved a 20% loss in its stock, which has since recovered, but is below its 52-week high.
Axios said Target has faced its own controversy for selling LGBTQ-themed clothing. Target opted to remove some of its Pride Month collection after the retailer's promotion resulted in threats to the safety of its employees.
It had also been revealed that the retailer had lost $10.15 billion in market capitalization due to the public backlash over its LGBTQ line of kids clothing, as well as one-piece swimsuits with "tuck-friendly construction" and "extra crotch coverage."
The outcry over merchandising aimed at Pride Month and Bank of America downgrades, were responsible for a $15 billion loss from Target's market cap, Axios noted. It has now recovered and stands at about $63 billion — down from about $74 billion in May.
"Many companies celebrate Pride by changing their logos, sponsoring celebrations, and offering themed products. While these corporate statements have been broadly accepted for years, the intensifying culture war may make companies more vulnerable to backlash," Eurasia Group analysts Kylie Milliken and Noah Daponte-Smith wrote in a client note last month.
Axios said Kohl's shares are underperforming. However, the stock, which had seen a drop of over 20% amid the controversy, has since rebounded. The retailer had experienced public backlash and calls for a boycott. This, after Kohl's released its latest Pride Month merchandise, including a "Baby Sonoma Community Pride Bodysuit set" for 3-month, 6-month, and 9-month-old kids.
The onesie, sports an illustration of what appears to be a lesbian couple with a dog and three children, including a young boy in a wheelchair. One adult in the illustration is carrying a multicolored flag. Other Kohl's Pride merchandise under scrutiny included a "Love Is Love" banner, towels, bibs, candles, shorts, and pillows, as well as shirts that say "Be Proud" and "Ask Me My Pronouns."
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
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