Gap Soars on Bet Kanye West Can Bring Back Relevance
Investing.com
Published Jun 26, 2020 09:45AM ET
Updated Jun 26, 2020 10:14AM ET
By Christiana Sciaudone
Investing.com -- Gap (NYSE:GPS) stock soared almost 40% in early trade on Friday on news of a collaboration with Kanye West's fashion company, Yeezy.
The Yeezy Gap collection will debut next year with hoodies, t-shirts and jeans at Gap-style prices, the two parties said in a statement. .
Gap needs the help. The San Francisco-based company reported a quarterly loss of almost $1 billion after having to close its stores because of Covid-19. And earlier this year, shares of the retailer fell to the lowest level in more than two decades.
The flagship brand has struggled with profitability, while its more affordable name Old Navy, and its athletic specialty brand, Athleta, continue to see strong demand. Gap has two buy ratings, 18 holds and 4 sell-equivalents, according to MarketWatch.
This isn't West's first job with the Gap. He worked in a Gap store as a teenager in Chicago.
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