Byron Nelson
Kanye West has ended the deal between its fashion brand YEEZY and GAP after two years. West’s lawyers informed Gap Thursday that YEEZY LLC is ending their partnership.
According to his attorney, Nicholas Gravante stated on Thursday that “Gap left him no choice but to terminate their agreement.” because he alleges that the retailer breached their partnership by not opening Yeezy stores and distributing his clothing as expected, among other things.
“Ye had diligently tried to work through these issues with Gap both directly and through counsel,” Mr. Gravante, co-head of global litigation at Cadwalader, Wickersham & Taft, said.
Gravante added Ye would “promptly move forward to make up for lost time by opening Yeezy retail stores.”
On Thursday, West appeared on CNBC’s “Closing Bell” and voiced his frustrations with Gap.
“It was always a dream of mine to be at the Gap and bring the best product possible to the masses,” West said.
“Sometimes I would talk to the guys, the leaders, and it would be like I was on mute or something.”
Mark Breitbard, Chief Executive Officer of Gap Brand, confirmed the termination of the partnership.
“Simply put, while we share a vision of bringing high-quality, trend-forward, utilitarian design to all people through unique omni experiences with Yeezy Gap, how we work together to deliver this vision is not aligned,” Breitbard said, president and chief executive officer of Gap brand, said in the memo. “And we are deciding to wind down the partnership.
After the end of the partnership, GAP’s stock dropped immediately. Ye was asked about the stock dropping, and if he thought GAP could recover its coolness again. He replied, “they have one opportunity to be a big player. What do you think that is? They have one individual on the planet that can save the Gap.”
West ended the interview by sharing that he isn’t going to argue with people that are broker than him.
“I’m not going to argue with people that are broker than me about money.”
