Diamonds and Dogs

6/26/20

Gap (GPS) confirms retail partnership with Kanye West. Gap is jumping 30% as a multi-industry creative entrepreneur, Kanye West is poised to bring his YEEZY brand to millions of customers around the world through a partnership with the Gap brands. The YEEZY Gap line is expected to appear in Gap stores and Gap.com in 2021. Kanye West's YEEZY brand was recently valued at $2.9 billion in April 2020. Gap's market cap is $4.9 billion.

Nike (NKE) gets hit by COVID-19. Nike is down 4% as the company reported a loss as revenue fell 38.0% to $6.31 billion verse estimates of $7.26 billion. During the quarter, 90% of Nike owned stores were closed for roughly eight weeks. Digital sales rose 75% in the quarter, but during these tough times sneakers were the least of most peoples' worries. On a positive note, Nike surpassed $1 billion in annual digital revenue in both Greater China and the EMEA region.