Shortly after kicking off #WESTDAYEVER with the announcement of his Gap partnership, the American worldwide fashion purveyor saw a 42 percent stock surge as a direct result of Kanye West‘s YEEZY announcement.
News of “YEEZY Gap” created a sudden stock-price increase that added more than $1 billion USD to Gap’s market capitalization, lifting it to around $4.8 billion USD. Despite the good news, Gap stock is still down more than 20 percent this year.
The unprecedented 10-year partnership will see Kanye design a line of affordable adult and children’s clothing to be sold online and at physical locations.
Already off to a good start, Gap is hoping that tapping ‘Ye will generate $1 billion USD in annual sales after five years. The fashion company also noted that the rapper, songwriter, record producer, composer, entrepreneur and fashion designer will receive royalties and possible equity tied to the sales performance of YEEZY Gap.
Stay tuned for more developments regarding Kanye West’s YEEZY Gap partnership.
— ye (@kanyewest) June 26, 2020
In case you missed it, Kanye West finally released the YEEZY Foam Runner.