Artist, music producer and fashion designer Kanye West, now renamed Ye, told Gap on Thursday that he was unilaterally ending his association with the ready-to-wear brand and announced that he planned to open his own stores.
“Gap leaves Ye no choice but to end their collaboration,” his lawyer, Nicholas Gravante, wrote in a letter, elements of which were sent to AFP, “due to non-compliance” with the terms of the contract.
Asked by AFP, Gap did not immediately react to this document, sent on Thursday morning according to Nicholas Gravante. Wall Street reacted poorly to the announcement, losing the stock by nearly 3%.
Accused delays
According to various US media, the artist especially criticizes Gap for the delays in the marketing of products from the Yeezy range that he created for the brand. Expected for the second half of 2021, according to him, they were finally put on the shelves in July 2022. Some unique pieces had previously been offered since 2021.
Ye also claims that Gap has not fulfilled its commitment to open exclusive Yeezy Gap outlets. According to various US media, this breakup letter had been preceded by another, sent in August, which gave Gap 30 days to fulfill its contractual obligations.
“Ye has attempted to resolve these matters with Gap, directly and through his attorney,” the letter says. “He didn’t get it anywhere. He’s going to keep going to make up for lost time, opening Yeezy stores,” the lawyer warned in the letter sent to Gap.
Exchange of good practices
Announced with much fanfare in June 2020, this partnership was well received and seen as one of the ways Gap, a brand with an aging image, revives itself. According to New York TimesGap was counting on an annual turnover of $1 billion for Yeezy products alone within five years, as the partnership was signed for a period of ten years.
Kanye West saw in this collaboration a way to make his products accessible, after being limited to small series at high prices, financed by the German equipment manufacturer Adidas.
Launched in 2022, the collection revisited Kanye West’s dress codes of loose-fitting garments and dark colours, particularly variations on the famous hoodie, a staple of the Gap catalogue.
In difficulties for several years, Gap still published, in August, a 10% drop in quarterly turnover in one year for the prêt-à-porter chain. Since October 2020, the group has been involved in the closure, in North America, of approximately 350 Gap and Banana Republic stores, another chain controlled by the company, which also owns the Old Navy and Athleta brands.
Source: BFM TV
