Gap confirms it’s parting ways with Kanye West: report

- Advertisement -


Clothing retailer Gap Inc. confirms it is ending its partnership with Kanye West A memo cited Thursday by the Wall Street JournalAfter the rap and fashion megastar’s disappointment with the company.

- Advertisement -

gap gps,
-3.64%,
In the memo, it was reportedly said that the working relationship between him and West was “not an alliance.” The Gap did not immediately respond to a request for comment.

- Advertisement -

Decision by the Retailer The apparel chain was told by West earlier in the day that it was ending the partnership between Gap and West’s Yeezy fashion line. The collaboration between the two was first announced in 2020, and they plan to launch new clothing under the Yeezy Gap brand.

The Journal said that according to the memo sent Thursday, Gap still plans to sell Yeezy Gap products that were already in the works. According to the Journal, the first item to come from the collaboration, a Yeezy Gap hoodie, began selling online last year.

- Advertisement -

According to the Wall Street Journal, West’s lawyers said in a letter that Gap walked away from the agreement after the company opened clothing and retail stores as planned.

The Journal said that, according to a letter sent by West’s lawyers, Gap was required to sell 40% of the Yeezy Gap line in physical stores in the second half of last year.

The Journal said sales of some of the items began this July — with the help of fashion house Balenciaga — under the name Yeezy Gap Engineered by Balenciaga. The letter also stated that Gap was to open five stores dedicated to West’s product line by the end of July 2023, and claimed the retailer had not opened any.

Nicolas Gravante, a partner at Cadwalder, Wickersham and Taft, who reportedly signed that letter, did not immediately respond to a request for comment.

Shares of Gap remained unchanged hours later. The friction comes as Gap tries to regain its footing after chief executive Sonia Singhal stepped down in July, amid challenges within its Old Navy brand of sales, high costs.

West, who goes by Ye, has accused Gap and shoe maker Adidas ADS,
-4.01%,
With whom he also partnered, to copy his designs and steer clear of creative decisions. Adidas manufactures Yeezy brand shoes.

West himself has floated the idea of ​​moving into retail stores, and has indicated in recent days that his time for cooperating with large corporations is running out. one in bloomberg story Published on Monday, West told the outlet: “It’s time for me to go it alone. It’s okay. I made companies money. Companies made me money.”

He continued: “It’s time to create a new industry. There is no other company standing between me and the audience.”

west, in interview with CNBC On Thursday, said it was “always a dream to be on the Gap and bring the best products to the masses.” But he cited a lack of control over prices, design, and said the company “ignored about us building the store.”

When asked about the Gap’s leadership change and whether it could regain its relevance, West told CNBC: “Don’t bring a leader in and don’t let them lead.”

He continued: “I’m not going to argue with people who pimp me about money.”

Credit: www.marketwatch.com /

- Advertisement -

Recent Articles

Related Stories