Kanye West's brand Yeezy Launches a Joint Line with Gap Signing the Deal for 10 Years
Yeezy brand founder Kanye West signed a contract with Gap. In the framework of cooperation, which will last for several years, the brands will present a joint line. It will be available in stores and on the Gap website in 2021. The Yeezy team, led by Kanye West, will create men's, women's and children's items. Cooperation with Gap will make Yeezy more democratic - it is noted that the average price for a model will be below $ 100. Gap, in turn, will have the opportunity to improve sales. Due to the coronavirus pandemic, Gap revenues in the first quarter decreased by 43% compared to last year. The company was forced to close 3,000 outlets around the world and transfer about 80 thousand employees on unpaid leave, as well as cancel summer and autumn clothing supplies in March and April.
In addition, the owners of two large shopping centers filed a lawsuit against Gap because of unpaid rent for the premises. However, experts note that Gap began to have financial problems long before the pandemic. This was led, among other things, by the fact that the company always relied on work with shopping centers and did not develop online sales.