Kanye’s Gap board demand frays stock

Shares of the Gap tanked Monday morning on weekend comments by presidential hopeful Kanye West, who threatened to walk away from a partnership with the retailer unless he is given a spot on the company’s board.

The “Closed on Sunday” singer just last month announced plans for a new apparel line — a collaboration with his Yeezy clothing brand — would hit Gap’s stores in early 2021 — sending Gap’s shares up 19 percent at the time.

The retailer’s stock tumbled as much as 7.4 percent before ending the day down 3.7 percent, to $12.41 a share.

The rapper-turned-politician issued a similar ultimatum to sportswear giant Adidas — which produces his label’s sought-after sneakers — at his first 2020 presidential campaign rally over the weekend. West, 43, said he would “walk away” from both companies unless they put him on their corporate boards.

“In risk or no risk of losing whatever deal possible, I am not on the board at Adidas. I am not on the board at Gap,” West said in the rambling Sunday speech in South Carolina. “And that has to change today, or I walk away.”

It’s uncertain whether the performer will make good on his threat. But if he does, it could spell the premature end of a partnership that Wall Street analysts have predicted could generate $1 billion in revenues for the struggling retailer.

It’s also not clear whether Gap or Adidas have considered adding West to their boards. Adidas declined to comment on West’s remarks Monday, while Gap did not immediately respond to a request for comment.

Yeezy’s Adidas sneakers business is no small operation, either, with Forbes estimating $1.3 billion in revenue in 2019. But West’s words didn’t hurt its Frankfurtlisted shares, which rose 1.8 percent.