Gap has struggled for years, and coronavirus has only made things worse. The company closed 40 stores in January, and has plans to shut down 230 more by the end of 2021.
Even so, we’re keeping an eye on Gap as one of our 12 Retailers That Might Not Survive Coronavirus.
But could rapper Kanye West’s recently announced partnership with the struggling apparel chain turn things around?
Kanye’s bringing a new fashion line to Gap in 2021.
“Yeezy Gap” will hit stores and Gap.com in the first half of 2021, Gap announced.
The line, which Gap says will be “under West’s creative direction,” will offer affordable “modern, elevated basics” for men, women and kids.
What does that mean? Expect urban-inspired minimalist fashion that isn’t too flashy, and is way cheaper than the Yeezy shoes’ price points would suggest.
Kanye’s Yeezy brand was recently valued at $2.9 billion, and is best-known for their high-end athletic footwear designs.
Gap has signed on with Yeezy for 10 years.
Gap is feeling optimistic about their future, having signed a 10-year deal with Kanye for his clothing line.
In their official announcement, Gap said they anticipate Yeezy Gap sales of $1 billion a year by the fifth year of the partnership. That would be a sizable chunk of Gap’s annual revenue.
Investors seem convinced — stock prices are surging.
After Gap and Kanye announced the partnership, Gap, Inc. stock jumped more than 40% after slumping for most of the year. Investors seem to think the partnership will work.
Kanye isn’t just phoning it in — he’s been obsessed with Gap for years.
A former Gap employee when he was a teenager, Kanye West has said in multiple interviews that he’d love to be the creative director of Gap, and the “Steve Jobs of Gap.”