Iconic fashion retailer Gap has been struggling to formulate an identity for the past few years, but the latest announcement of a partnership with Kanye West’s Yeezy seems to be a step in the right direction.
The clothing range, which will be launched under the Yeezy Gap label, will develop collections for women, men and kids to be sold both online and in bricks-and-mortar stores.
The collection will deliver the essence of Yeezy in ‘modern, elevated basics’ sold at affordable and accessible price points, slated to release in 2021.
Kanye West is the sole proprietor of the Yeezy brand and the partnership with Gap is a 10-year agreement, wherein West’s brand will receive royalties and may get equity based on sales figures.
Additionally, Gap has issued Yeezy Supply warrants for up to 8.5 million shares depending on the brand’s ability to meet certain sales targets.
Post the announcement, Gap’s shares soared as much as 40 per cent, adding US $ 700 million to its market capitalisation, reaching US $ 4.5 billion in total.