Back in 2015, Kanye West said he would “like to be the Steve Jobs of the Gap,” and now he’s got his shot: His fashion company, Yeezy, on Friday announced a 10-year deal with the retail giant called Yeezy Gap that will be introduced in the first half of 2021, according to the New York Times.
The line, designed by Yeezy under West’s creative direction, will create “modern, elevated basics for men, women and kids at accessible price points.” West will also oversee how the line is presented in Gap’s stores and online sales.
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The 10-year deal, which begins this month, has an option to renew after five years, the Times reported, citing a person familiar with the negotiations who was not authorized to speak publicly. The report says that at the five-year point, Gap is hoping that Yeezy Gap will be generating $1 billion in annual sales. Yeezy is owned entirely by West.
While the Gap was one of the world’s most popular clothing brands in the 1990s and early 2000s, it has fallen out of favor in recent years. Gap Inc. also owns Old Navy and Banana Republic. West who worked at a Gap in his teens and has long had a soft spot for it.
The launch of the line will present the counterintuitive notion of an affordable Yeezy line, which has long been notorious for high prices, particularly for its sneaker lines. The shoe lines, affiliated with Adidas since 2013, was valued at $3 billion in 2019, according to a Bloomberg report, and was expected to top $1.3 billion in sales for the year.
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