Traditional retailers were succumbing to online alternatives and this was only compounded by the COVID-19 pandemic, however, Gap, and their several brands continue to thrive.
Friday was another major victory.
Artist and fashion innovator, Kanye West, has a very successful relationship with Adidas and his Yeezys footwear line, shared a photo of his collaboration with Gap.
The market responded more than positively.
Gap shares were up over 30% in trading Friday. Gap’s market cap grew $1.4 billion.
West is developing a line for men, women, and kids set to debut in stores and online.
According to the line announcement it’s said to be made up of “modern, elevated basics” sold at “accessible price points.”
The retailer said the Yeezy Gap line will debut in 2021.
Terms were not disclosed. However, it’s widely believed Mr. West retained sole ownership of his fashion brand and will have royalties on all Gap sales.
Gap said West’s previous experience has come full circle.
“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, the company’s global head of brand, said in a news release.