Kanye Comes Full Circle with his New Deal with GAP
As previously reported by Drew Reports News, Kanye West and the Gap has partner for massive deal.
The Gap, Inc., which was once a beloved American label, is now struggling to stay relevant. It was already grappling with the reorganization of executive positions in 2019 and steady decline for the past few years. The closures made it even worse. The apparel company’s first quarter annual fiscal reports stated over a 43% decline in sales and estimated losses close to $1 billion.
Yet, the company had signed a 10-year deal with Kanye West’s Yeezy. The new line of clothing, “Yeezy Gap”, will roll out for the masses in 2021. Kanye’s previous deal with Adidas in 2013 was a great hit. Moreover, the rapper has craved a niche for himself in the fashion arena. During his teens he had worked for the apparel brand in its store Chicago. Also, Kanye had always wanted to join with Gap. Moreover, he also wanted to venture in an affordable clothing range.
While West’s wishes come true, the deal is a huge opportunity for the limping retailer. According to sales, the company will be paying an enormous amount as royalty to Yeezy, which is owned by Kanye. So far, the team haven’t disclosed the details. But the collaboration is anticipating a $1 billion sales within next five years. Besides, the company is also shifting its gears toward e-commerce platforms as its lucrative. The insiders are hoping there is enough momentum for a comeback from a wreck. But if not Kanye, no one can bridge the gap for the Gap.