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Kanye West and Gap Inc (NYSE:GPS) are parting ways after the rap artist and designer terminated his Yeezy brand partnership with the retailer just two years after the deal was announced.
What Happened: In June 2020, West announced a partnership with Gap to design and sell a line of clothing under the Yeezy Gap brand.
According to a Wall Street Journal report, West's lawyers sent a letter to Gap on Thursday, notifying the apparel chain West is terminating Yeezy's arrangement with the company after Gap breached the agreement.
The letter reportedly claimed Gap broke the agreement by failing to release apparel and open retail stores as planned. West complained about the deal, among others, on social media recently.
At the end of August, West posted a video directed at a group of Gap executives, saying: "You have to really give me the position to be Ye and let me do what I’m thinking, or I have to do the thinking somewhere else."
West announced plans to open his own Yeezy stores following continued rants on social media at the beginning of the month, targeting both Gap and Adidas. The claims the rapper turned designer posted on social platforms have since been deleted.
Related Link: Kanye West's Feud With Adidas And Gap Heats Up: What's On The Line For Him And The Companies
The Details: According to the letter from West's lawyers, Gap was required to sell 40% of the Yeezy Gap assortment in its brick-and-mortar locations during the third and fourth quarters last year, but that didn't happen. A Yeezy Gap hoodie became available in the fall of 2021, but it was only available on Gap’s website, the letter claimed.
Products under the Yeezy Gap brand name didn't make it into stores until French luxury house Balenciaga got involved and debuted products in July 2022.
Gap was also reportedly required to open around five retail stores focused on featuring Yeezy Gap products by July 31, 2023. The letter claimed Gap hasn't opened any stores dedicated to the Yeezy Gap brand to date.
GPS Price Action: The stock was down 3.05% at $9.06 Thursday morning. Gap has a 52-week high of $26.12 and a 52-week low of $7.79.
Photo: Daniele Dalledonne from Flickr Creative Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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