After a three year hiatus, American billionaire, fashion, and music mogul Kanye West returned to the fashion scene with a show to PFW where he presented his latest Yeezy collection. He’s back to social media today to announce another power step to his fashion vision, with an incredible partnership with American retailer—Gap’s parent company.
The partnership will be a 10-year deal starting this month, with the option to renew after five years, according to the New York Times. At the five-year point, Gap is hoping that Yeezy Gap will be generating $1 billion in annual sales. Gap will pay royalties and potential equity to Yeezy, which is solely owned by Mr. West, based on sales performance.
“This is a merger with undeniable synergies. Since its 1969 beginning, Gap has specialized in the sportswear fundamentals—sweaters, sweatshirts, cargo pants—that West has riffed on from the earliest Yeezy collections,” Vogue reports.
Under West’s creative direction, the Yeezy design studio will develop the new line to deliver modern, elevated basics for men, women, and kids at accessible price points. 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. Gap and Yeezy benefit as the business grows, with Yeezy receiving royalties and potential equity related to sales achievement.
Mark Breitbard, global head of Gap Brands, said in the release.
In a quite positive turn of events, Kanye announced Nigerian-British designer Mowalola Ogunlesi will be design director of his new Yeezy and Gap collaborative venture.
Mowalola Ogunlesi attended Central Saint Martins, and had her London Fashion Week debut earlier this month, her aesthetic of sexy leather, cutout tops, and vibrant patterns has cut the eye of the fashion scene as the next best thing. She’s previously worked with Kelela, Steve Lacy, and Solange, and collaborated with Skepta on his “Pure Water” music video.
