Kanye West and Gap Strike 10-Year Deal for ‘Yeezy Gap’ Apparel Line .Kanye west became a billionaire this year, he is pushing more and more billions . Now companies have noticed that they can make money with him . He made a lot of money with Nike and Adidas so other company want to do the same .
New your times reports that “
The Gap brand, which has flailed in recent years as it struggled with an identity crisis, has a new idea for how to revive its fortunes: Kanye West.
The retailer is teaming up with Mr. West and Yeezy, his fashion company, for a new clothing line called Yeezy Gap, which will be introduced in the first half of 2021, the companies said on Friday. 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.
Gap 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, according to a person familiar with the negotiations, who was not authorized to speak publicly. 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.