It has been reported that Kanye West has notified GAP formally that he would be terminating the partnership between them. The rapper’s lawyers had sent the official letter to the clothing company to inform them of the termination. 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 stores during the latter part of 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 also has a feud going on with Adidas. The deal with Adidas will run till 2026.
It is not clear now what will the future course of action for Kanye. It is not clear whether he is planning to go solo and open his own stores or whether he would be working with other brands. Although he is interested in going solo and with that he believes that there would be no company standing between him and the audience. He has stressed he made enough money for the companies and the companies also made him enough money. He said together they have created ideas that will change apparel forever. He revealed that he is planning to open his own Donda campus, named after his late months.
It will house schools, dorms, house shopping, etc. Products sold there would be from the Yeezy brand.
According to Bloomberg, Yezzy is valued at $122 million in cash and stock. Kanye’s net worth is $2 billion.
Featured Image Credit: Bloomberg