Kanye announced his partnership with the Gap on Twitter on Friday (June 26), and The New York Times revealed that it's a 10-year deal that will see him serving as creative director. Kanye will be designing "modern, elevated basics for men, women and kids at accessible price points," according to the article.
The new collection will hit stores in 2021, with Gap hoping to generate $1 billion in annual sales within five years, with the possibility of renewing the deal happening at this juncture. Gap will reportedly pay royalties and potential equity to Kanye, which will be tied to sales.
Gap shares were up 31% on Friday, adding more than $1.4 billion to Gap’s market cap, pushing to more than $5 billion.
Source: The New York Times
