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




  • Former Target VP Gerald Storch believes the company’s “tuck-friendly” swimwear sets Target’s Pride collection apart from others to the worst
  • He said other companies had colored plates and gingerbread houses, and that’s “good” because “who cares? Everyone carries those things
  • Target suffered another financial setback after JPMorgan downgraded its stock as its market value fell by $12 billion



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

Former Target vice president Gerald Storch believes that the company’s controversial “tuck-friendly” swimwear sets Target’s Pride collection apart from others to the worst.

“I’ve never seen a case where one thing, that tuck swimsuit, was what made the difference compared to the competition. Therein lies the big mistake [was] team,” he told Fox and Friends.

He said other companies had colored plates and gingerbread houses, and that’s “good” because “who cares? Everyone carries it.

Target suffered another financial setback after JPMorgan downgraded its stock as its market value fell by $12 billion amid backlash over its controversial LGBTQ Pride product release.

Former Target VP Gerald Storch believes the company’s controversial “tuck-friendly” swimwear sets Target’s Pride collection apart from others for the worst

‘The target share has certainly performed poorly with 11 per cent so far this year. So it’s not good, and certainly, this boycott of the whole thing here is not helping. It’s very distracting to have that going on in the business. But there are more fundamental concerns with it, with the environment, with the consumer and with the business here, Storch said.

The brand’s shares fell for a ninth straight day on Wednesday, falling a further 2.14 percent as the company is in the midst of its longest stock streak in 23 years.

Before the controversy, the company’s market capitalization had been $74 billion, with shares trading at $160.96 at the close on May 17.

And despite efforts by the brand to shore up its disastrous campaign, continued stock falls led JPMorgan to downgrade the stock from “neutral” to “overweight” on Thursday, citing “too many concerns rising.”

“I’ve never seen a case where one thing, that tuck swimsuit, was what made the difference compared to the competition. Therein lies the big mistake [was] team, he said
The brand’s shares fell for a ninth straight day on Wednesday, falling a further 2.14 percent as the company is in the midst of its longest stock streak in 23 years. Before the controversy, the company’s market capitalization had been $74 billion, with shares trading at $160.96 at the close on May 17

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

Horvers also cited “recent company controversies” as the reason Target has 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 “that have been at the center of the most significant confrontational behavior” in some of its stores, CEO Brian Cornell said in a statement recently. week.

Some Southern stores were forced to move merchandise—many of which were designed by Erik Carnell, a transgender and self-proclaimed Satanist—to the back of the stores.

In addition, Storch, who now owns his own company, said the company’s decline began May 18 when competitor Walmart reported “a seven percent gain in company sales.”

“Target had reported flat sales, flat for the year at Target, up seven at Wal-Mart. There’s no way the comparison looks 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 have in mind related to the investors, who are the ones who are buying things about the stock or in this case probably selling picking the crowd of stock. They are more concerned with the fundamental business issues.

“You know, them [Target] certainly did not handle this well either going in or trying to deal with it on the way out. But I think over time this won’t be a big problem for them.



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