Kanye West Seeks to Cut Ties with Gap

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
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Kanye West Seeks to Cut Ties with Gap

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo

Lawyers for Kanye West sent a letter to Gap Inc notifying the apparel chain that the rapper was terminating his partnership with the company, the Wall Street Journal reported on Thursday.

Gap breached its agreement with West by not opening retail outlets and releasing apparel as promised, according to the report, which added the company would still be able to sell existing Yeezy Gap products before ceasing to use the brand name.

Ties between the rapper and the clothing company have been increasingly strained recently, with West taking to social media to threaten to walk away from the brand earlier this month.

Gap did not immediately respond to a Reuters request for comment. But an attorney for West, who goes by Ye, told The Associated Press that a letter has been sent to the clothing chain seeking to terminate the contract between Gap and Yeezy.

Gap shares fell about 4% to $9 in premarket trading.

West and Gap signed a 10-year deal in 2020 to create a line of clothing under the Yeezy Gap brand.



Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

British online fashion retailer Boohoo said on Friday it would rebrand as Debenhams Group even though opposition from top shareholder Frasers meant the name change for its holding company did not get shareholder approval.

At a general meeting, 62.04% of votes cast supported the official name change, falling short of the required 66% of votes, the company said.

"This general meeting was only related to the technical name change of the ultimate holding company," the company told Reuters in an email.

"While this will now remain the same, the company is absolutely moving forward as Debenhams Group."

Boohoo had announced its rebranding earlier this month.

Frasers, which owns just over 29% of Boohoo shares based on LSEG data, voted against the resolution.

Frasers, majority-owned by British retail tycoon Mike Ashley, in January unsuccessfully tried to oust Boohoo's co-founder from the board, and the companies have been involved in a long-running corporate tussle.

Boohoo, boosted by an online shopping surge during the coronavirus pandemic, has been facing supply chain issues, weak demand and stiff competition from e-commerce firms such as Shein and Temu.

The company has said it sees the Debenhams brand having the potential to achieve multi-billion pound gross merchandise value in the medium term.

In March, Boohoo appointed Phil Ellis, Debenhams' finance director, as its CFO, following the appointment of Dan Finley as the group's CEO late last year.