3:51 PM PT — The Yeezy effect is already happening … GAP stock is surging over 18 percent on the heels of Kanye’s new deal.
Kanye West has until 2030 to fulfill his mission of providing clothing for the masses … and he just might make Gap cool again, in the process.
The rapper and his fashion company just landed a 10-year deal with Gap to launch a new clothing line called Yeezy Gap. The retailer — widely known as a mall brand — will introduce the Yeezy merch in the first half of 2021 in its stores and online.
Yeezy’s design studio says its plan is to make “modern, elevated basics for men, women and kids at accessible price points” and of course … Kanye will call the shots, including deciding how his clothes will be marketed at Gap.
The mega retail deal reportedly starts this month and comes with the option to renew at the 5-year mark … at which point Gap expects YZY to be generating $1 BILLION in sales.
To put that in perspective … the struggling retailer only hauled in a total of $4.6 billion globally in 2019. But, considering Kanye’s Yeezy shoe line topped $1 billion in sales last year … it’s certainly possible.
The collab between the rapper and the retail chain is a long time coming for Kanye — in 2015 he declared he’d like to be the “Steve Jobs of the Gap,” and said he dreamed of being its creative director. He also worked there as a teen.
Some things are just meant to be.
Originally Published — 6:44 AM PT