Gap (NYSE:GPS) – Kanye West’s Yeezy Parts With Gap: What You Need

Gap (NYSE:GPS) – Kanye West’s Yeezy Parts With Gap: What You Need

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KanyeWest and gap inc Geographic Positioning System have parted ways after the rap artist and designer canceled his Yeezy brand partnership with the retailer just two years after the deal was announced.

What happened: In June 2020, West announced a partnership with Gap to design and sell a clothing line under the Yeezy Gap brand.

according to a Wall Street Journal reportWest’s attorneys sent a letter to Gap on Thursday informing clothing chain West that Yeezy’s agreement with the company is being terminated after Gap breached the agreement.

The letter allegedly claimed that Gap broke the agreement by failing to release clothing and open retail stores as planned. West recently complained about the deal on social media, among other things.

In late August, West released a video aimed at a group of Gap executives, saying, “You really have to give me the position of being ye and let me do what I think or I have to think somewhere else.”

West announced plans to open his own Yeezy stores after a rant on social media earlier in the month, targeting both Gap and Adidas. The claims the rapper-turned-designer posted on social platforms have since been deleted.

Related link: Kanye West’s feud with Adidas and Gap is heating up: What’s at stake for him and the companies

The details: According to the letter from West’s attorneys, Gap had to sell 40% of the Yeezy Gap line in its stores in the third and fourth quarters of last year, but that didn’t happen. A Yeezy Gap hoodie became available in fall 2021, but it was only available on Gap’s website, according to the letter.

Products under the Yeezy Gap brand name didn’t make it to stores until French luxury house Balenciaga got involved, unveiling products in July 2022.

Gap has also reportedly been asked to open about five retail stores focused on showcasing Yeezy Gap products by July 31, 2023. The letter claimed Gap had not opened any stores…


Read full story here https://www.benzinga.com/news/22/09/28883368/kanye-wests-yeezy-cuts-ties-with-gap-what-you-need-to-know

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