Business
US Retailer Target Loses $10 Billion In Valuation After Facing Backlash Over Pride-Themed Clothing Line For Children
A Target store (Pic Via Wikipedia)
US retailer Target has witnessed a significant decline of nearly $10 billion in market valuation over the last ten days due to controversy surrounding its Pride-themed clothing line for children.
The department store chain has been reportedly facing boycott calls from people in the US after videos emerged online, showing clothing items like onesies and dresses designed for toddlers and young children.
As a result of the backlash, Target's shares have decreased by over 12 per cent, dropping from $160.96 to $138.93 per share. Target shares have hit a six-session slide, marking the company's lengthiest loss sequence since December 2022.
The retail chain has provided a variety of products in support of Pride Month for over ten years, according to a Target spokesperson cited by Fox News.
"Since introducing this year's collection, we've experienced threats impacting our team members' sense of safety and well-being while at work," the spokesperson told Fox News Digital.
"Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior. Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year," the spokesperson added.
The company has around 2,000 stores across the US.
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