Gap Shares Slip After Kanye West Says He Is Terminating Partnership
16 September 2022 - 2:29AM
Dow Jones News
By Kathryn Hardison
Shares of Gap Inc. edged 3.2% lower, to $9.04, on Thursday after
Kanye West formally notified the apparel chain that he is
terminating his partnership with the company.
Gap and Mr. West announced a partnership in 2020 to develop a
collection of clothing under the Yeezy Gap brand. Mr. West's
lawyers on Thursday sent a letter to Gap notifying the company of
his plans to walk away. According to the letter, Gap breached the
agreement by not releasing apparel and opening retail stores as
planned, The Wall Street Journal reported.
The rapper and designer recently on social media has criticized
the Gap agreement and a similar deal he has with Adidas AG.
American depositary receipts of Adidas edge 3.8% lower, to
$68.41.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
September 15, 2022 12:14 ET (16:14 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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