Kanye West announced on Friday that his fashion company Yeezy signed a 10-year deal with Gap for a new clothing line called Yeezy Gap. The line is scheduled to be introduced in the first half of 2021. Yeezy Gap will include “modern, elevated basics for men, women, and kids at accessible price points” but will not include a shoe line.
Kanye has always said it was a long-term goal to work with Gap. He wanted to become “the Steve Jobs of Gap”. In his deal with Gap, he will have full creative control including how the line is marketed. The goal for the line is to produce $1 billion monthly by the fifth year.
— ye (@kanyewest) June 26, 2020
Kanye isn’t new to partnerships with major brands. In 2013, he signed a deal with Adidas. After the company undertook new management in 2016, Kanye closed a deal for 15% royalty of wholesale and retained 100% ownership of the Yeezy brand. This deal was definitely unheard of in the fashion industry. Kanye was on track to generate $1.3 billion of shoe revenue in 2019, a 50% increase from a year earlier according to Bank of America. The royalties from these sales would be $147 million.
Kanye West is very secretive when it comes to his assets and net worth. Earlier this year, Forbes reported Kanye is worth an estimated $1.3 billion, putting him amongst the highest-paid entertainers.