Target Shares Drop 5% After Pulling Blackface-Evoking Halloween Costume
Updated
Updated · Honolulu Star-Advertiser · Aug 24
Target Shares Drop 5% After Pulling Blackface-Evoking Halloween Costume
3 articles · Updated · Honolulu Star-Advertiser · Aug 24
Summary
Target fell as much as 5% after investors reacted to backlash over a clown Halloween costume the retailer apologized for and removed Monday.
An internal email from Chief Merchandising Officer Cara Sylvester told employees the item “never should have been in our assortment,” but the apology did little to calm concerns about another brand misstep.
SOC Investment Group said the episode showed Target had again lost consumer trust, while social media backlash included boycott calls from a Reddit community with 1.6 million members.
The controversy revives scrutiny of Target’s product-review process just as CEO Michael Fiddelke’s turnaround had lifted shares about 70% this year and to a near two-year high on Monday.