US retailer Target has lost $10 billion in market valuation in 10 days over controversy around its Pride-themed clothing for children. The department store chain has been facing boycott calls from people across the US after some videos claimed to show onesies and other dresses meant for toddlers and other children. From $160.96 a share, the value of Target's stock plummeted to $138.93. According to Fox News, the shares have slipped more than 12 per cent since the controversy erupted more than a week ago.
Fox News also said that Target shares have fallen for six consecutive sessions - their longest losing streak since December 2022.
"For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month. Since introducing this year's collection, we've experienced threats impacting our team members' sense of safety and well-being while at work," a company spokesperson told Fox News.
"Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the centre of the most significant confrontational behaviour. 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.
Target has nearly 2,000 stores across the US.
The last time the company saw its stocks drop this big was during the Covid-19 pandemic.
There were protests at some of its stores in southern America after which it removed the clothes from the display, New York Post said in its report.
Target is targeting kids..
— Thomas O'Connor '62 baby, #GodBlessAmerica 🇺🇲 (@TheyCallMeTomO1) May 22, 2023
Here's 100% proof.. Not just a picture but an actual video in an actual Target store! pic.twitter.com/dl7soTZXIB
Among the ones that garnered the most attention were "tuck-friendly" women's swimsuits and rainbow-themed children's clothing.
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