Kanye West is determined to push forward in the fashion industry on his own terms.
As previously reported by AfroTech, the businessman has had ongoing issues with Gap and adidas. In an interview with Bloomberg, he shared that he had his mind set on going solo by cutting ties with big corporate partners.
Ye Is Going His Own Way
“It’s time for me to go it alone,” West told the outlet. “It’s fine. I made the companies money. The companies made me money. We created ideas that will change apparel forever. Like the round jacket, the foam runner, the slides that have changed the shoe industry. Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”
Severing Ties With Gap
The evidence proves that West is staying true to his word.
On Sept. 15, he sent a letter to Gap, which officially declared he was moving forward with terminating their partnership, according to The Wall Street Journal.
Breach Of Agreement
West and his lawyers are claiming that the company failed to release apparel and launch retail stores, which ultimately led to a breach of the agreement.
Under the initial 10-year contract launched in June 2020, the confirmed plan was for Gap to sell 40 percent of Yeezy Gap stock in retail locations in the last two quarters of 2021, as well as open five Yeezy Gap retail stores by July 31, 2023.
Status Of The Merch
The partnership looks like it will officially come to a close, but Gap is set to sell existing Yeezy Gap products. The brand name will end after. Additionally, the Ye x Balenciaga merch will be sold as well.
Gap's Shares Drop
Word of terminating the partnership has gotten around, and it is already creating an impact.
Following West sending out his letter, shares of Gap have gone down by 3.5 percent in premarket trading, according to Investing.com.
“Shares of Gap Inc (NYSE:GPS) are down 3.5% in premarket trading after the Wall Street Journal reported that rapper and entrepreneur Kanye West formally informed the company that he is terminating their partnership,” the outlet reports.
As For adidas
Time will tell whether West will take a similar route with adidas.