– Gap Inc has entered into a “multi-year partnership” with rapper and fashion designer Kanye West to create a Yeezy line of clothing, Shares in Gap soared 35% in early trading on Friday after the apparel retailer announced a 10-year partnership with Kanye West and his Yeezy fashion brand.
West already collaborates with Adidas on Yeezy sneakers. Bank of America valued Yeezy’s shoe business at $3 billion and expected it to earn $1.3 billion in sales last year.German sportswear company Adidas also partners with West, selling Yeezy footwear designed by West.
Gap said West’s previous experience has come full circle.
Mark Breitbard, the company’s global head of brand, said “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,”
San Francisco-based Gap, which owns Banana Republic, Athleta and Old Navy, was among non-essential retailers forced to temporarily close stores to curb the spread of coronavirus. Gap, which operates nearly 2,800 stores in North America, recently withdrew its full-year targets, suspended its dividend, furloughed employees and drawn down its existing credit lines.