Fashion’s Powerful Duo

Are these related family names the most formidable in the industry? Bear witness to the influence of the two Ks

 

J & W

Kanye West has caused the stocks of Gap Inc to slide. Improbable, but it has happened. And he has not even officially joined the company. We assume that to be so since Mr West has threatened to take off from the deal. Trying to proof that he can be a president at a campaign rally in Charleston, South Carolina, he said, “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. And that has to change today or I walk away,” Can he do that? Still, that was deemed such a serious threat that Gap’s stocks fell, according to Forbes, by 6% on Monday.

This news is a little familiar to us. Back in February, 2018, Mr West’s sister-in-law, the former billionaire Kylie Jenner similarly caused another company’s shares to drop. In a Twitter post that responded to Snapchat’s update, Ms Jenner wrote, “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.” It didn’t take long for the social media company’s stock to tumble. As Reuters reported, Snapchat’s suffered a US$1.5 billion loss in market value. Things apparently did not improve for Snapchat a year later. According to Markets Insider, “shares have never really recovered.”

When it was revealed that Kanye West will collaborate with Gap to create a sub-brand called Yeezy Gap, Gap Inc’s stocks soared by as much as 42%! The surge is understandable since Mr West’s Yeezy brand is valued at US$1.3 billion, according to Forbes. Gap must have thought that the rapper is a walking money-printing machine. Then came the no-longer-a-shocker: Mr West will run for his nation’s top job. And people began wondering if Gap was embroiled in a bad 10-year deal. Would Kanye West have time to design clothing? And, as we wondered, what kind of designing president would he make?

That Mr West’s words and possible moves are so influential boggles the mind. When it was announced that Raf Simons will join Prada, there was no news about a shock-spike in Prada’s stock. And Mr Simons is a lauded designer with haute couture credentials. How did we get to this point in the evolution of fashion, when celebrities with debatable talents could send the stocks of established companies (in the case of Gap, they are eight years older than Mr West) tumbling? Or, has fan adulation inadvertently handed over the reigns of power to celebrities who sit on the throne called social media?

Illustration: Just So

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