TOPLINEAt 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. 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%. Under the terms of the deal, West maintains sole ownership of the Yeezy brand, which pulled in an estimated $1.3 billion in sales in 2019, and Gap Inc. maintains sole ownership of the Gap brand. By 2031, that’s how much Gap Inc. hopes “Yeezy Gap” will be generating in annual sales, a source divulged to the New York Times. further readingGap’s Stock Surges After Apparel Deal With Kanye West’s Yeezy (Forbes)Kanye West and Gap Strike 10-Year Deal for ‘Yeezy Gap’ Apparel Line (New York Times)Kanye West Says He’s Done With Trump—Opens Up About White House Bid, Damaging Biden And Everything In Between (Forbes)

Source: Forbes July 20, 2020 21:09 UTC