(Photo courtesy redd.it)
The Gap brand has been struggling to resonate with customers in recent years, and the coronavirus pandemic has dealt another blow. But now, Gap has a new idea for how to revive business: Kanye West.
The retailer is partnering with Kanye and Yeezy, his fashion company, for a new clothing line for men, women and kids called Yeezy Gap. Kanye’s Gap line will be introduced in Gap stores and online in the first half of 2021.
If you think this seems like an unlikely collab, you’re not alone. But those familiar with Kanye’s music know that he worked at a Gap store when he was a teenager, as is referenced in the lyrics of “Spaceship,” on his 2004 College Dropout album.
Kanye and Gap agreed to a 10-year deal starting this month, with the option to renew after five years. At the five-year point, Gap is hoping that Yeezy Gap will be generating $1 billion in annual sales. And that’s a lot considering Gap’s brand only brought in a total of $4.6 billion in global revenue last year.
Gap’s sales expectations may be big, but they’re still not as big as Kanye’s ego.
So far, Gap’s plan it seems to be working. Gap shares soared after Kanye West shared a photo that touted the collaboration. Shares were up by about 17% in premarket trading. The move added more than $500 million to Gap’s market cap of $3.8 billion. It seems Gap is having its west day ever.