Gap and Kanye West team up for new clothing line
|06/26/2020 | 01:28pm|
Struggling apparel retailer Gap Inc. is looking to rap star and fashion designer Kanye West for some youthful appeal.
The two on Friday announced a multi-year partnership in which West will create a line of clothing for Gap under his Yeezy fashion brand.
In a possible preview of what's to come - West posted a photo on Twitter.
As of now, the partnership will focus on hoodies, T-shirts and joggers aimed at young consumers and will start showing up in Gap stores and online in 2021.
Financial details weren't disclosed but investors are seeing potential dollar signs anyway. Shares of Gap Inc., which is the parent of the Gap, Banana Republic, Old Navy, and Athleta, surged 33 percent....that's more than a billion dollar boost to Gap's market value.
West will retain full ownership of the Yeezy brand, receive royalties, and possibly get an equity stake based on sales results. His partnership with Gap doesn't alter the Yeezy sneaker deal he has with Adidas.
Earlier this year, West was named as the second highest-paid celebrity by Forbes, on the strength of that Adidas partnership.