Gap Shares Fall Nearly 6% After Kanye West Threatens To ‘Walk Away’ From ‘Yeezy Gap’ Deal

Gap Shares Fall Nearly 6% After Kanye West Threatens To ‘Walk Away’ From ‘Yeezy Gap’ Deal

TOPLINE



At his first presidential campaign rally on Sunday, Kanye West threatened to "walk away“ from the lucrative deals his fashion brand Yeezy has with Adidas and Gap Inc., causing Gap Inc.'s shares to fall nearly 6% on Monday. 

















Kanye West at the 2020 Vanity Fair Oscar Party in February.





FilmMagic





KEY FACTS







West covered a wide variety of topics at the rally in South Carolina, including the lack of representation of Black people on boards, and said that he is not on the board of Adidas or Gap Inc. and "that has to change today or I walk away.“ 







Gap Inc.'s shares opened at $12.64 on Monday and dropped to a low of $11.92.









When news broke on June 26 about the "Yeezy Gap“ collaboration, set to be in stores and online in 2021, Gap Inc.'s stock surged as much as 42%. 







Gap has been hit hard by the pandemic, a quarterly report filed with the SEC in June revealed that the retailer had to temporarily close approximately 90% of its global stores and that its year-to-date