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Multiple Grammy Award Winner Kanye West and Gap Clothing Brand, Officially Terminate Clothing Brand Contract Agreement, Before End of Contract.
The New York Times reports that the Rapper and 24 time grammy award winner notified the clothing giant, the Gap Inc. that he’s terminating their agreement with the Yeezy-Gap clothing line, while citing a breech of contractual agreement.
In June 2020, Kanye's business relationship with the clothing giant was made public.
It was welcomed with significant fanfare and led to Gap’s stock price seeing its biggest increase in 40 years.
The partnership was supposed to last 10 years and was expected to generate more than $1 billion. However, two years later, the clothing brand acknowledged the relationship was over in a letter to employees.
And we are deciding to wind down the partnership.”
Kanye told Bloomberg in a recent interview, that he’s done with corporate partnerships and wants to go into business for himself.
“It’s time for me to go it alone,” Ye said in the interview.
“It’s fine. I made the companies money. The companies made me money. We created ideas that will change apparel forever. Like the round jacket, the foam runner, the slides that have changed the shoe industry. Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”
The clothing giant was sent a notice by West’s lawyer, Nicholas Gravante Jr., stating that Gap, “abandoned its contractual obligations” by failing to sell the Yeezy-Gap line products in its namesake stores and had not opened stores specifically to sell Yeezy products."
Gap, will however, continue to sell Yeezy-Gap products, including a holiday collection that will debut later this year, through the first half of 2023.
The Yeezy-Gap line sold for significantly higher prices than typical Gap items, including hoodies selling for more than $200 and t-shirts ranging from $60 to $120.
Kanye West intends to end his business dealings with Adidas also.
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