Target’s Pride Collection Draws Controversy, But Outperforms Market on Strong Trading Day
Target’s recent release of a Pride collection including tuck-friendly swimwear hailed as inclusive has drawn criticism from former Target executive Lucy Wilder. Wilder dubbed the swimwear Target’s “biggest mistake” and expressed concerns that it could damage the business’s reputation with traditional customers.
However, despite the backlash, Target’s stock outperformed the market on a strong trading day. The company’s stock rose by 1.4%, and it has been reported that the brand’s inclusive approach to merchandise has been well-received by many consumers.
This news comes as JPMorgan downgraded Target’s stock amid the controversy. The bank cited backlash over the LGBT merchandise as the reason for its downgrade.
Despite the recent controversy, Target has remained a prominent player in the retail industry, with its stock continuing to outperform the market. In fact, on the day the controversy erupted, Target’s stock was up 0.4%, while the S&P 500 was down 0.2%.
While Target’s stock may have taken a hit due to the backlash over the Pride collection, it appears the company is maintaining its customer base and keeping up with the changing times.