Gap stock rose drastically after Kanye West announced a massive 10-year deal between his brand YEEZY and GAP. According to CNBC, the news regarding the collaboration added more than $1.4 billion to Gap’s market cap of $3.8 billion.
Here’s what we know, the YEEZY Gap deal is a 10 deal, the collection will include modern elevated basics for men, women, and children at reasonable price points. The first collection will debut in 2021 and you’ll be able to purchase the collection both in stores and online. Kanye dropped the news regarding the partnership via Twitter and instantly the fashion world started talking about GAP. Kanye’s mentioned in several songs about how he used to work for Gap in his earlier years back in Chicago. after which he shadowed the brand’s then-creative director Patrick Robinson in 2009.
“We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his YEEZY brand and together defining a next-level retail partnership,” – Mark Breitbard, Global Head of Gap Brand
Gap also made it known that YEEZY will receive royalties and potential equity related to sales. They’ve also announced Mowalola Ogunlesi’s appointment as the project’s design director. As of today, The Gap, Inc. is up 18.80% since Friday with a current stock price of $12.07. So far it seems as if the partnership is already paying off. Can Kanye West bring Gap back into relevancy? We’ll soon find out. Lastly, for more fashion news, RIMOWA Unveils Stylish Summer Eyewear Line.
