Kanye and Gap Strike A Deal: Gap’s New Yeezy Line

In an interesting 10-year deal, Kanye West and Gap pair-up.

Gap said, “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.”

Kanye West, singer, producer, fashion designer, Kim Kardashian’s husband, and former Gap teen employee will design an affordable Yeezy adult and kids’ clothing line for Gap — a store that has been hit hard by the coronavirus pandemic in recent months, and harder by its lack of individuality in clothing design. 

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West’s brand Yeezy was recently valued at $2.9 billion; this number is only expected to grow as West will receive royalties and potential equity based upon Gap’s sales and its targets. While Yeezy is known for its high-end footwear, there will not be any sold in Gap stores. 

In the world of online shopping and ever-changing social media trends, Gap has fallen pretty far behind. Gap used to be a closet staple, providing comfortable, casual clothes. However, recent trends of unique, quirky street-style fashion left this brand in the dust. 

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Gap has been struggling financially. Gap Inc, Gap’s parent company, was sued by Simon Property Group for over $65.9 million in unpaid rent. It is expected that additional stores will close soon — Gap Inc. has already closed over 90% of its 3,300 stores.

Old Navy, whose parent company is also Gap Inc, has had success in recent months, mainly due to new CEO Sonia Syngal. She told investors that “Gap has benefited from its high brand awareness and deep emotional customer connection. However, years of inconsistent execution have depleted brand health, which we’re actively working to correct by defining clear brand positioning and product filters that translate to a narrower and deeper assortment that delivers to the customer.”

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After the announcement of this 10-year deal with Kanye West, Gap shares increased by 34%. Clearly, the stock market is hopeful for this new pairing — as quirky as it may seem.

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