Rapper Ye, better known as Kanye West, revealed he will end the contract between his clothing brand Yeezy and Gap, which was signed in 2020.
Gap had a contract with the rapper’s clothing line to sell its products and eventually open a separate Yeezy store but did not follow through on contractual obligations, according to a Thursday letter from the rapper. While the retailer sold Yeezy’s blue puffer jacket in a matter of hours in June of last year, it did not sell any more Yeezy products by the second half of the year.
West gave Gap 30 days in August to honor its end of the deal, sending a termination letter Thursday, according to Nicholas Gravante, a lawyer for the rapper.
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On the day the deal with Yeezy was announced in June 2020, Gap saw a 40% increase in share price, which ultimately calmed down to 20% by the end of the trading day. Recently, its shares were down 4%.
Gap is in the midst of a hunt for a new CEO, as the last to hold the position, Sonia Syngal, left in July after a two-year stint. Executive Chairman Bob Martin has been the firm’s interim president and CEO ever since.
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West himself worked at Gap before his fame, recalling his time as an employee there in his song “Spaceship,” calling it a “f***ing job.”
