Kanye West, who has grown increasingly frustrated with his partnerships, is trying to walk away from Gap.
“Ye had diligently tried to work through these issues with Gap both directly and through counsel,” Gravante said. “He has gotten nowhere. Gap left him no choice but to terminate their agreement. Gap’s substantial noncompliance with its contractual obligations has been costly. Ye will now promptly move forward to make up for lost time by opening YeezyYe appeared to be riding to the rescue of Gap in 2020, signing a deal with the basics mainstay to sell his buzzy brand and set up Yeezy stories.
At the time, shares of Gap shot up nearly 19 percent to $12.07 and Ye received warrants for up to 8.5 million shares of the company’s common stock — about 2.3 percent of the company. Analysts were bullish on the deal, seeing an effort by the company, with also owns Athleta and Old Navy, to reenergize its namesake. goods were more prominent, but it’s unclear just how big a business Gap ever grew with Yeezy.
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