Kanye West has made the decision to cut all ties with Gap Inc., as stated in a letter sent by his lawyers to the apparel chain. This news, initially reported by The Wall Street Journal, highlights the termination of the rapper’s partnership with the company. The report alleges that Gap breached its agreement with West by failing to fulfill its commitments, including the opening of retail stores and the release of apparel. However, Gap will still have permission to sell existing Yeezy Gap products until the brand name is discontinued.
Growing tension between Kanye West and Gap has been brewing, leading to this decision. Earlier this month, West expressed his dissatisfaction with the brand through social media and even threatened to sever ties with them. As of now, Gap has not responded to Reuters’ request for comment, and Kanye West’s representatives have not been immediately available for a statement.
The consequences of West’s departure from Gap are evident in the stock market. The company’s shares fell approximately 4% to $9 during premarket trading as news of the separation spread.
In 2020, West and Gap officially announced a 10-year collaboration to create a clothing line under the Yeezy Gap brand. However, this partnership has abruptly come to an end with West’s decision to terminate the agreement.
Useful Links:
1. The Wall Street Journal Article
2. Reuters Article
