GAP and Kanye West Strikes Deal To launch new clothing line

GAP and Kanye West Strikes Deal To launch new clothing line

- in Uncategorized
57
0

The GAP brand is teeming up with Kanye West and Yeezy, his fashion company, for a new clothing line called Yeezy Gap, which will be introduced in the first half of 2021.

NyTimes reports that 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 — which posted hundreds of millions in losses in 2020’s first quarter and has flailed in recent years — saw its shares surge upon news of the partnership with one of entertainment’s most bankable celebrities.

After gaining as much as 42 percent, Gap closed on the New York Stock Exchange Friday afternoon at a share price of $12.07, up 18.8 percent.

The companies noted that the deal brings West’s relationship to Gap “full circle,” saying the billionaire entrepreneur, rapper, designer and most recently gospel singer worked at a Chicago Gap store as a teenager.

The Gap deal will fulfill a desire of Mr. West’s to make clothing for the masses, even as Yeezy has become a presence at New York and Paris Fashion Weeks. Yeezy merchandise on  Far-fetch recently included a $925 men’s graphic cardigan and a $241 women’s thermal sweater. At Gap, jeans and tops often cost less than $50 and are regularly discounted.

Gap will pay royalties and potential equity to Yeezy, which is solely owned by Mr. West, based on sales performance.

 

Facebook Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Buhari signs revised N10.8tr 2020 budget into Law

President Muhammadu Buhari has signed into law, the