Kanye West has officially notified Gap that he is ending their partnership.
The artist’s lawyers sent a letter to the company, Thursday, to notify them of the termination, according to what he reported The Wall Street Journal.
The letter alleged that Gap violated their agreement not to release the clothes as planned, or open stores.
The contract concluded with GAP in June 2020 is valid for another eight years.
Latest: Kanye West Gap is officially notified that he is ending their partnership
The Wall Street Journal has seen the letter.
Yeezy Gap merchandise already available in stores there will remain and be available for purchase, according to the message.
She also said the company is required to sell 40% of Yeezy Gap merchandise in stores during the latter part of 2021.
Only one item from the collection went on sale last fall, and it was only available online and not in-store.
Drama: The letter alleged that Gap violated their agreement not to release clothing as planned, or open stores; A piece from the Yeezy Gap comic collection
The Yeezy Gap store is not yet open; The company was required to open five retail stores by July 31, 2023.
Balenciaga’s Yeezy Gap debuted in stores in July with more coming this fall.
Merchandise made in collaboration with Balenciaga for Gap will not be affected.
Three months after he signed the deal, Kanye threatened to withhold his streak unless he got a seat on the board.
In August, Kanye criticized Gap and spoke to her executives directly: “You really have to give me the position to be Ye and let me do what I think, or I should do the thinking elsewhere.”
Bloomberg reports that Yi owns $122 million in cash and stock, but his company’s deals make him a billionaire.
On Monday, the rapper revealed that he has finished sponsoring the companies and will not renew his existing contracts with Gap and Adidas when they expire – a move that would put billions of dollars in revenue at risk.
“It’s time for me to go alone,” said the musician, now known as Yi. Bloomberg News.
There is nothing wrong. I made corporate money. The companies made me money. We created ideas that will change clothes forever. Like the round jacket, the foam runner, the slides that changed the shoe industry. Now is the time to make the new industry. No more companies standing between me and the public.
The multiple Grammy Award-winning recording artist still has until 2026 before his deal with Adidas expires.
Not the first time: the singer and aspiring politician complained about the lack of board seats. Appears here in a September 10 tweet
Rant: ‘I’m wearing Jordans to be on board with adidas’, the black leather stroke maker tweeted, along with a skateboarding emoji, among other tweets
But in his mind, Ye, whose Yeezy Boost 350s are manufactured by the International Athletic Shoe Company, were already separated.
“They are my new baby mamas,” he told financial news outlets. “I think we’re just going to have to co-breed those 350s.”
Earlier this month, Ye was in a social media attack against the two clothing companies, accusing Adidas of creative control of the Yeezy brand and of stealing his design ideas to produce shoes similar to Boost trainers. He also claimed that the shoe company tore up his slide design.
“This position should not be held by anyone where people can steal from them and say we are paying you just to shut up,” Bloomberg said. This eliminates innovation. This destroys creativity. This is what ruined Nikola Tesla.
He beat up Adidas executives with a series of satirical posts on Instagram until, he claims, his lawyers stepped in and told him to stop.
In some posts, Adidas CEO Daniel Cherry put the head on someone else’s body and created satirical videos of the company’s leader.
Yi has also been stalked by JPMorgan Chase, who kept a lot of his money after switching from a small Wyoming bank, for not supporting him in his war against famous clothing brands.
Kanye West signed his contract with GAP in 2020, which led to some weird designs
Irony: The 45-year-old rapper has announced a feud with Adidas, with whom he has shared across his Yeezy empire.
I went to JP Morgan but of course they wouldn’t give me any deal flow because Jin (g) Ulrich is on the boards of both Adidas and JP Morgan. What shoe company will give me control. I need to be the chairman and chief decision maker.
Jing Ulrich is Chase’s Vice President of Investment Banking.
Yi also tried to get banking giant Jimmy Dimon on the phone, but the financier is a ghost.
“I feel like there’s a great deal of control and dealing to suppress my ability to affect the American economy and industry,” the rapper said of Chase.
Yi has hired Michael Cohen, the former indicted attorney for former President Donald Trump, to give him some financial advice, according to Bloomberg News.
It was Cohen who recommended moving his money from Wyoming, which he said was not equipped to handle his business or his business personally, to the major investment bank.
The Yeezy brand earned $191 billion in revenue in 2020 from the Adidas deal, according to USB Group AG.
Almost from the beginning of his collaboration with the company, the recording artist felt left out of the decision-making process.
Kanye West, pictured here, noted that he ended up with Adidas. He signed his deal with the shoe brand in 2015 and will last until 2026
Happier times: Formerly Kanye tweeted excitedly about the collaboration
In July 2020, Gap stock fell 7.4 percent after it threatened to walk out of deals with the apparel company a month after it signed the partnership with its Yeezy brand.
He threatened to do the same with the international athletic shoe maker, but their stock is gone today.
The musician’s public feuds with brands created a headache for the company after other public figures such as Sean Combs and Swizz Beatz announced a public boycott of Adidas.
Yi’s public disputes with brands created a headache for the company after other public figures such as Sean Combs and Swizz Beatz announced a public boycott of Adidas.
Ye’s focus appears to be shifting from the Yeezy clothing company to Donda Academy, a school named after his late mother.
Bloomberg reports that he plans to create campuses across the country that will contain schools, farms, retail space and dormitories.
It’s unclear where Gap and Adidas fit in.
“Every step of my career there was something coming my way,” Yi told the Financial News Service. They made the dream come true, but only without you.