Former Target exec says Pride collection’s ‘tuck-friendly’ swimwear was the ‘biggest mistake’

The former Target executive said the retailer’s biggest mistake was selling “tuck-friendly” swimwear for Pride, which has resulted in a $12 billion loss since mid-May.

Former Target vice president Gerald Storch thinks the company’s controversial “tuck-friendly” swimwear sets Target’s Pride collection apart from others for the worse.

“I’ve never seen a case where one element, that tuck swimsuit, was really what made the difference compared to competitors. That’s the big mistake [was] done, he said fox and friends.

He said other companies were selling colorful plates and gingerbread houses and that was “good” because “who cares? Everybody wears this thing.

Target suffered another financial setback after JPMorgan downgraded its stock as its market value plummeted $12 billion, amid backlash from the controversial release of its LGBTQ Pride product.

“Target stock has certainly performed poorly with 11% year-to-date. So it’s not good, and certainly this boycott of the whole issue here is not helping. It’s very entertaining to have that in the business. But there are more fundamental concerns about it, with the environment, with the consumer and with the company here,” Storch said.

Shares of the brand fell for the ninth straight day on Wednesday, falling another 2.14% as the company is in the midst of its longest streak of stock losses in 23 years.

Prior to the controversy, the company’s market value was $74 billion, with shares trading at $160.96 at the close of trading on May 17.

And despite the brand’s efforts to reverse its disastrous campaign, continued stock falls led JPMorgan to downgrade its stock from “neutral” to “overweight” on Thursday, citing “too many growing concerns.”

“I’ve never seen a case where one element, that tuck swimsuit, was really what made the difference compared to competitors. That’s the big mistake [was] done, he said

Shares of the brand fell for the ninth straight day on Wednesday, falling another 2.14% as the company is in the midst of its longest streak of stock losses in 23 years. Prior to the controversy, the company’s market value was $74 billion, with shares trading at $160.96 at the close of trading on May 17.

“We continue to believe that the consumer is weakening overall as the share of wallet shifts away from goods (51% of [Target’s] sales) is underway,” wrote JPMorgan analyst Christopher Horvers, according to MarketWatch.

Horvers also cited “recent corporate controversies” as the reason Target suffered devastating financial losses, which came after “an impressive streak of 12 consecutive positive quarters.”

As customers rebelled against the move, the brand made “adjustments” to its Pride merchandising plans, including removing displays “which have been at the center of the most confrontational behavior” in some of its stores, CEO Brian Cornell said in a statement. week.

Some stores in the South have been forced to move merchandise – many designed by Erik Carnell, a transgender man and self-proclaimed Satanist – to the back of stores.

Additionally, Storch, who now owns his own business, said the company’s decline began on May 18 when rival Walmart reported “a 7% gain in model sales.”

“Target had flat sales, a flat year at Target, up seven at Wal-Mart. There’s no way this comparison is good,” he said.

“While there is no doubt that the boycott is part of the problem, if you read the reports on Target during this period and the analysts keep in mind the investors, who are the ones buying things on the stock or in this case probably the sale chooses the quantity of stock.They are more concerned with fundamental business issues.

‘You know they [Target] certainly didn’t handle it well, either going in or trying to handle it going out. But I think over time it won’t be a big deal for them.