Gap shares have dropped drastically after Kanye West threatened to leave his partnership with the company.
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According to CNN, the company’s stock dropped 6% amid Kanye West’s controversial campaign event on Sunday. Videos on social media show the rapper talking about his disappointments while working with Gap and Addidas. He said he was not a part of the companies’ board members and stated “That has to change today or I walk away.” Last month, West announced a ten-year partnership with Gap that will provide a new modern take on designs for adults and children at reasonable prices.
But for sneaker related news, Kanye states that:
1. He wants Adidas to increase his royalties from YEEZY from 15% to 80-90%
2. He wants to be on the board of directors for both GAP and adidas
If his demands aren’t met he will be walking away from both brands
— Kenny Two Shoes (@kken3887) July 20, 2020
The company has had its fair share of struggles due to crippling sales and multiple store closures during its last quarter.
Here’s more context to what Kanye said. pic.twitter.com/Xv4mMFYqeg
— Raury (@Raury) July 20, 2020
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A statement from both companies has yet to be released. The rapper has faced criticism for his comments about Harriet Tubman, abortion, and arguing with an attendee during his campaign rally.