Yeezy X Gap Strikes 10 Year Partnership
“We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his Yeezy brand and together defining a next-level retail partnership.”
Kanye West took to Twitter this morning to announce his upcoming partnership with Gap. Gap is reportedly aiming to be bringing in $1 billion in annual Yeezy Gap-generated sales by the five-year mark. Yeezy stands to gain royalties and potential equity.
➡️ Yeezy Gap line will debut in 2021 and will consist of men, women, and kids pieces "at accessible price points."
➡️ With sales down -50% of Q1 2020, shares of Gap soared ~+39% Friday morning, implying a $400M bump in valuation.
➡️ Kanye West tweeted a photo of clothing being taken out of bag that says “developed by Yeezy and GAP” #WESTDAYEVER.
➡️ Like many other retailers in the pandemic, Gap has been struggling to resonate with customers.
➡️ Deal is for 10 years, with option to renew after 5.
West’s previous experience with Gap is referenced in the lyrics of “Spaceship,” on his 2004 College Dropout album where he spent time as a teen working at a Gap store.
FULL: GAP