Kanye West, GAP Strike 10-Year Deal for ‘Yeezy Gap’ Apparel Line
Kanye West has announced plans to bring his Yeezy brand to Gap. The rap superstar is set to design adult and kids’ clothing that will be sold at the chain’s stores next year. The struggling mall brand plans to introduce Yeezy Gap in stores and online in the first half of 2021.The Gap brand, which has flailed in recent years as it struggled with an identity crisis, believes to revive its fortunes with Kanye West. The retailer is teaming up with Mr. West and Yeezy, his fashion company, for a new clothing line called Yeezy Gap.
Yeezy’s design studio, under Mr. West’s creative direction, plans to create “modern, elevated basics for men, women and kids at accessible price points.” Mr. West’s “design vision” will extend to how the line will be showcased in Gap’s stores and online.
The San Francisco-based Gap Inc., is making a far bigger bet on Yeezy and Mr. West, a celebrity, creative entrepreneur, rapper and designer, than a typical designer collaboration. They agreed to a 10-year deal starting this month, with the option to renew after five years. At the five-year point, Gap is hoping that Yeezy Gap will be generating $1 billion in annual sales. For context, Gap’s brand brought in $4.6 billion in global revenue last year.
Gap did not respond to a request for comment on the terms of the deal.
Gap Inc., which also owns Old Navy and Banana Republic, is aiming to refocus its namesake brand, which has seen sales plummet in the past few years, closed more than 100 North American stores and struggled to define its place within the apparel industry. It, like other retailers, has also been badly hit by the coronavirus pandemic.
Kanye West’s Yeezy is best known for pricey sneakers that sell out online quickly but Yeezy footwear, made with sneaker company Adidas, won’t be sold at Gap stores. For Yeezy, being in more than 1,100 stores worldwide could get the brand in front of more people.
Earlier today, West took to his twitter account with a photo of what the collaboration might look like: bright colored hoodies, jackets and T-shirts. West has a history with Gap. He worked at one of its stores in Chicago as a teenager. As part of the deal announced Friday, Yeezy will receive royalties and possibly Gap stock if the line sells well.Shares of the retailer jumped 16% in premarket trading.
Black Excellence and value for partnership, what’s your take?