Kanye West Ending Yeezy Partnership With Gap
Kanye West has officially ended the deal between his fashion brand Yeezy and the clothing company GAP after a span of 2 years. The deal was signed in 2020 and was for a period of ten years. Kanye West’s lawyers sent a letter and notified GAP on Thursday that YEEZY LLC will be terminating the partnership between them.
The letter stated that the clothing company GAP had breached the agreement with Kanye West by not releasing the apparel as per the actual schedule and by not opening stores as per the commitment. The contract with Gap was signed in June 2020 and was valid for ten years till 2030. It means the contract was good to run for another eight years. The Yeezy Gap merchandise which is available in stores will continue to remain there and they will still be available for purchase.
As per the agreement, it is said that GAP was required to sell 40% of the Yeezy Gap merchandise in brick-and-mortar stores in the second half of the year 2021. But only one SKU from the collection went on sale last fall and that also was available online and not in a store.
Also, the No Yeezy Gap store has not opened yet. GAP was supposed to open five retail shops by July 31, 2023. Kanye advised that it was always a dream for him to be at the GAP and produce the best products possible. Kanye was very frustrated and disheartened to be shut out of the creative process and not allowed to set prices. He advised that he wants to live like the king and that the king cannot live in someone else’s castle and have to make his own castle.
It has been advised that GAP’s shares have fallen 4 percent on Thursday. YEEZY had outlined their grievances with GAP in August and also gave them obligatory 30 days to rectify the issues. GAP can continue to sell the YEEZY products which are already there in their stores.
The termination of the partnership will not affect merchandise made through YEEZY’s collaboration with Balenciaga. It is also sold through GAP.
Featured Image Credit: Page Six
Harish
View More PostsHarish Yadav is the editor at Search Vatika. He reads multiple newspapers and online blogs daily to boost his knowledge. He always researches his topics before writing.
