Yahoo Finance Kanye West and Gap agree to a multi-year deal for Yeezy line
Kanye West and Gap (GPS) have agreed to a multi-year deal to create a clothing line for the entertainer’s famed YEEZY line.
The line will consist of hoodies, T-shirts, and joggers and is slated to be sold at Gap retail locations sometime in 2021.
As a teen, West worked at a Gap store in the Chicago area.
"We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his YEEZY brand and together defining a next-level retail partnership," said Mark Breitbard, the Gap brand global head.
Gap shares surged 15% following the news.
Earlier on Friday, West tweeted an image leading some to speculate what the new collection could look like.
#WESTDAYEVER pic.twitter.com/ASMwbx7T2o
— ye (@kanyewest) June 26, 2020
The YEEZY footwear line has often been credited with bolstering German apparel maker Adidas. (ADDYY). The brand has not only been lucrative for Adidas but West himself. In April, it was reported that the Grammy Award-winning entertainer had become a billionaire largely off of the brand he created.
Gap has been a brand in trouble, particularly as of late as it was among retailers that closed stores amid the COVID-19 pandemic. In April, the clothing retailer said that it might not have enough money to continue operations amid the COVID-19 pandemic. The future Yeezy line could play a big role in a possible resurgence for the brand.
According to Gap Under West’s creative direction, the YEEZY design studio will develop the new line that will offer elevated basics for men, women and kids at accessible price points.
“West has become a disruptive force across music, footwear, fashion, architecture and more,” Gap’s announcement read. “This new partnership will introduce both the Gap and YEEZY brands to new audiences.”
According to Gap, West will maintain sole ownership of the YEEZY brand, which was recently valued at $2.9 billion USD in April 2020.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
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