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MATTEL, INC.

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Gap taps NFT craze by taking classic hoodies digital

01/13/2022 | 02:19pm EDT
FILE PHOTO: The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York

(Reuters) - Gap Inc on Thursday launched non-fungible tokens (NFTs) of its iconic hoodies, sending the apparel maker's shares about 5% higher as it became the latest major retailer to dive into the world of speculative crypto assets.

The more than 50-year-old company's push to sell virtual assets for real money follows similar moves by clothing companies such as Nike Inc, which last month announced the acquisition of NFT maker RTFKT.

Mattel Inc has also launched NFT versions of its Barbie and Hot Wheels lines.

NFTs, a type of digital asset, have exploded in popularity this year with artworks selling for millions of dollars.

Gap said its NFTs will be priced in tiers ranging from about $8.30 to $415 for a collectible that comes with a physical hoodie. Prices can fluctuate with the value of the cryptocurrency used for making purchases.

The company is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT collection that is being hosted on the Tezos blockchain.

Gap said Tezos uses an energy-efficient approach to secure its network. The crytpocurrencies needed to buy NFTs have been criticized for their large carbon footprint.

(Reporting by Ananya Mariam Rajesh and Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MATTEL, INC. -6.06% 23.25 Delayed Quote.14.80%
NIKE, INC. -2.68% 106.44 Delayed Quote.-34.38%
ON SEMICONDUCTOR CORPORATION 0.43% 56.07 Delayed Quote.-17.45%
TEZOS (XTZ/USD) -9.68% 1.679 End-of-day quote.-64.64%
THE GAP, INC. -3.12% 11.19 Delayed Quote.-34.56%
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Financials (USD)
Sales 2022 5 927 M - -
Net income 2022 535 M - -
Net Debt 2022 1 504 M - -
P/E ratio 2022 15,8x
Yield 2022 -
Capitalization 8 195 M 8 195 M -
EV / Sales 2022 1,64x
EV / Sales 2023 1,43x
Nbr of Employees 36 300
Free-Float 79,5%
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Mean consensus BUY
Number of Analysts 15
Last Close Price 23,25 $
Average target price 32,32 $
Spread / Average Target 39,0%
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Managers and Directors
Ynon Kreiz Chairman & Chief Executive Officer
Richard L. Dickson Co-President & Chief Operating Officer
Steve Totzke Co-President & Chief Commercial Officer
Anthony P. DiSilvestro Chief Financial Officer
Sven Gerjets Chief Technology Officer & Executive VP
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