Kanye West, aka Ye, has terminated the contract between his fashion brand Yeezy and Gap Inc.
The collaboration between Ye and Gap was initially made to develop a collection of clothing under the Yeezy Gap brand. However, last Thursday, West’s lawyers sent a letter to Gap to notify the company that Yeezy LLC is terminating the deal.
The move comes after Gap allegedly failed to meet its obligations in the companies’ agreement, which includes distributing Yeezy products in its stores by the second half of 2021 and creating dedicated Yeezy Gap stores.
“Yeezy notified Gap of its concerns in August and gave the company a contractually-designated 30 days to cure its breaches,” Nicholas Gravante, a lawyer for Ye, told CNBC.
“It was always a dream of mine to be at the Gap and to bring the best product possible,” Ye told CNBC‘s “Closing Bell” on Thursday. “Obviously there’s always struggles and back-and-forth when you’re trying to build something new and integrate teams.”
Ye also claimed that Gap didn’t allow him to set prices and approve his color selections.
“It was very frustrating. It was very disheartening, because I just put everything I had. I put all of my top relationships,” Ye said. “Our agenda, it wasn’t aligned.”
(Photo: Rodrigo Ferrari)
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