Before the end of the contract, Kayne West and Gap Clothing Brand officially ended their $1 billion partnership.
Kanye West, a rapper and 24-time Grammy Award winner, informed The Gap Inc. that he is ending their partnership with the Yeezy-Gap clothing line.
According to the New York Times, West broke off the engagement due to a contract violation. The commercial partnership, which was officially announced in June 2020, got off to a great start and gave Gap’s stock price its biggest boost in 40 years.
The relationship was planned to last ten years and provide more than $1 billion in revenue. However, the apparel company admitted the partnership was gone in a letter to staff two years later.
The Gap brand president, Mark Breitbard, wrote: “While we share a vision of providing high-quality, trend-forward, practical design to all people through unique Omni experiences with Yeezy-Gap, how we work together to execute this objective is not aligned.
And we’ve made the decision to dissolve the partnership.
The rapper known as College Dropout recently told Bloomberg that he is through corporate collaborations and is ready to start his own company.
Ye stated in the interview that it was time for her to do it alone.
“It’s okay. I gave the businesses profit. I got paid from the businesses. We came up with concepts that will eternally alter clothing. similar to how the round jacket, the foam runner, and the slides revolutionised the shoe business. Ye must create the new industry at this time. There are no longer any businesses in the way of my viewers.
Yeezy-Gap line products were not sold at the brand’s eponymous stores, and no stores had been opened particularly to sell Yeezy merchandise, according to a notice given to the company by Nicholas Gravante Jr., West’s attorney.
The holiday line, which will make its debut later this year, and other Yeezy-Gap merchandise will continue to be sold by Gap until the first half of 2023, the company informed The New York Times.
The Yeezy-Gap line was supposed to launch in 2021, but the brand repeatedly postponed that date. In the first 18 months of the collaboration, only two items—a jacket and a sweatshirt—were also issued.
The Yeezy-Gap line featured things that were substantially more expensive than regular Gap items, such as hoodies that went for more than $200 and t-shirts that cost between $60 and $120. West is attempting to dissolve his business relationships with Adidas in addition to quitting Gap.