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Target shares drop 5% after Halloween costume backlash
KSL News • • business
Key Points:
- Target shares fell about 5% following backlash over a Halloween costume criticized for evoking Blackface and minstrel show imagery, prompting the company to apologize and remove the product.
- The costume, called the "Kids' Glows Under Blacklight Circus Clown Halloween Costume," was condemned on social media for resembling a racist caricature, leading Target to state it should never have been sold.
- Some stakeholders, including Minneapolis entrepreneur Sheletta Brundidge and shareholder SOC Investment Group, expressed ongoing distrust and concern about Target's decision-making and impact on sales.
- The controversy adds to challenges for Target amid a tough retail environment, despite a 70% stock gain this year driven by CEO Michael Fiddelke's turnaround efforts focused on pricing and merchandise.
- Target has faced previous criticism related to its 2023 Pride Collection and changes to diversity, equity, and inclusion initiatives, highlighting ongoing sensitivity around its brand positioning.
