Kanye West is partnering with his former employer Gap to develop a clothing line. The partnership consists of a 10-year deal between West and Gap with the goal to produce clothing line Yeezy Gap by 2021.
The marketing genius will be bringing on Nigerian British designer Mowalola Ungesi to be the design director.
West made the announcement on Friday when he posted a photo, causing shares to increase by 31% adding $1.4 billion to the company’s market cap, according to CNBC.
West will be the owner of the line and receive royalties, with an opportunity for equity in the future. The partnership comes just in time for Gap with the clothing retailer closing over 3,000 stores and dropping 50% in sales as a result of COVID-19.
“We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his Yeezy brand and together defining a next-level retail partnership,” Mark Breitbard, Global Head of the Gap Brand, said in a statement.
Kanye West famously spoke about his stint working at Gap when he was a teen in his song “Spaceship” from the album College Dropout.
At the time of his tenure as a sales associate at the company, he spoke about being assaulted by his manager and being used as the token black guy to sell to black people.
Though he had dreams of making it in fashion, he would eventually quit his Gap job to pursue what would become one of the most tantalizing careers in hip hop. Decades later, he’s now a partner of the company. Now, let’s see what that equity looks like.
Check out the song “Spaceship”:
