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Target stock drops 5% after costume issue
Target company's stock decreased by about 5% at the start of trading, after the company apologized for releasing a Halloween costume for children that many considered offensive and racist, leading them to withdraw it from stores. The costume, called "Glow Under Black Light Clown Costume," sparked a wave of criticism on social media due to its resemblance to racist stereotypes linked to the history of Blackface performances in the United States. Despite Target's apology, the criticism continued, with a group of shareholders stating that the withdrawal decision reflects a loss of consumer confidence, even though the stock has still risen by 70% since the beginning of the year. This crisis comes as part of Target's efforts to improve its brand image amid a challenging consumer environment, marking a new setback following previous issues related to the company's products and approaches around diversity and inclusion.
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