Skip to main content

Kanye West Terminates $1 Billion Partnership On Clothing Brand With Gap

 

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.


Comments

Popular posts from this blog

Big Brother, Pere Egbi - A Car Is Not An Investment

Big Brother Naija reality show star, Pere Egbi, has explained that he doesn’t own a car because it isn’t an investment. Pere Egbi He berated those who squander their money on exotic cars, stressing that landed properties and businesses are assets but not cars. Speaking in the latest episode of the Spill With Phyna podcast, Pere said,  “Car no be investment. A house is an asset, a business is an asset. Using all your savings to buy cars is unnecessary. Right now, I don’t own a car. I used to drive a brand new lexus LS570 but I sold it because I needed to put the money into my film. It’s an investment. At the end of the day, I made more that from the film.” What do you think of Pere's mindset on acquiring cars? 

Inspiration

Be Inspired! A very poor woman called a radio station asking for help from God. A non-believer who was also listening to this radio program decided to make fun of the woman. He got the woman's address from the radio station and told his secretary to carry a large amount of foodstuff to the woman.  However, he gave the following instruction; "When the woman asks who sent the food, tell her that it's from the devil." When the secretary arrived at the woman's house, the woman was happy and grateful for the help received. She started putting the food packets inside her small house.  The secretary then asked her, "Don't you want to know who sent the food?" The woman replied, "No, I don't care... because when GOD orders, even the DEVIL obeys! Have a blessed day ahead. 🤣😅🤣😅🤣😅🤣 Image: iStock

Grammy's, Global Music Album Category: Angelique Kidjo knocks Femi Kuti, Wizkid And Made Kuti To Win

Beninise singer and songwriter, Angelique Kidjo’s ‘Mother Nature,' wins big at the at the Grammy award, at the 64th edition at the MGM Arena, Las Vegas.  Kidjo, wins the Best Global Music album category at the 2022 Grammys awards. Wizkid, Femi Kuti, and Made Kuti lost out in the two categories, Best Global Music Performance and Best Global Music Album. While the Nigerian music stars lost to Arooj Aftab for her single ‘Mohabbat’ in the Best Global Music Performance, Angelique Kidjo won the Best Global Music Album. The Beninese singer is winning a Grammy for the fifth time in her blooming career. In her acceptance speech, Angelique, proclaimed it is a big win for Africa. The nominations for the category were Angelique Kidjo, Femi Kuti, Made Kuti and Wizkid,