Diamonds and Dogs
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.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.