September 16, 2022: -Kanye West, who runs by the name Ye, is ending the contract between his company Yeezy and Gap Inc., according to the letter shared by his lawyer.
The move comes after Gap failed to meet its obligations in the companies’ agreement, which include distributing Yeezy items in its stores by the second half of 2021 and creating which dedicates Yeezy Gap stores, according to the letter shared with CNBC.
“Yeezy notified Gap of its concerns in August and gave the company a contractually-designated 30 days to cure its breaches,” Nicholas Gravante, a lawyer for Ye, told CNBC. He added that Gap took no action on the concerns.
On Thursday, Gravante said the termination letter was sent to the company.
Gravante added that Gap’s noncompliance with the agreement has been costly and that “Ye will now promptly move forward to make up for a lost time by opening Yeezy retail stores.”
Announced in June 2020, the partnership between Gap and Yeezy was set to continue through 2026. Yeezy, owned solely by Ye, would receive royalties and equity based on the sales. Gap also agreed to distribute 8.5 million shares to Yeezy as specific sales targets were met.
The initial product in the Yeezy Gap line, a blue puffer jacket, sold out in hours upon its release online in June 2021. Gap later made headlines by selling Yeezy products in its Times Square store. Still, the termination letter said those products resulted from a separate contract between Yeezy, Gap, and Balenciaga.
Wells Fargo predicts that the partnership could bring in $1 billion in sales in its first year following its launch. But Gap has been struggling with slumps in sales and, in August, slashed its financial outlook. The company has acknowledged missteps with its Old Navy chain and has been looking for a new leader since its CEO left in July.
He has publicly aired his grievances with business partners in recent weeks. The rapper, producer, and designer made his squabbles with Adidas well-known in a slew of Instagram posts attacking the company’s board, and in an interview with Bloomberg, said it was “time for me to go it alone.”
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