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Kanye West wants to pull the plug on $1 billion gap deal: Deadline

Kanye West wants to pull the plug on $1 billion gap deal: Deadline

“Everyone knows I’m the king,” Kanye West said in an interview with CNBC today. closing bell. “A king cannot live in someone else’s castle. A king has to make his own castle.

That, apparently, is Ye’s goal now, but first he wants to dissolve the 10-year contract he signed in 2020 with Gap. It’s a significant move, given that her Yeezy Gap line reportedly pulled in $1 billion in sales in the first year. according to Forbes. In 2021, Bloomberg Estimate that about $970 million of the hip-hop mogul’s fortune was attributable to the Gap deal.

Lawyers for the multi-screenwriter today sent a letter to Gap Inc indicating that it was terminating the partnership. According to the missiveseen by Reuters, Ye contends that Gap breached the agreement by not selling Yeezy Gap-branded products in its physical stores and by not opening dedicated stores for the brand.

In closing bellYe ran a list of other problems.

“It was always a dream of mine to bring the best possible product to the masses… We designed an entire collection and I actually couldn’t set the actual price I wanted for this collection. and then they [Gap] he took one of the shirts and sold it for $19. I did not put a price on my things [how I wanted]. I priced my stuff at $200 and above its normal full price, and then made the exact shirt for $20.”

In fact, the first product in the Yeezy Gap line, a blue puffer jacket, sold out in a matter of hours in June 2021. Later that year, it became available again. The price? $200.

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“Sometimes he would talk to the bosses and it was like he was silent or something,” West told CNBC. “Our agenda, it wasn’t aligned.”

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