The long-term deal between rapper turned fashion designer Ye and Gap Inc. has been terminated long before it was supposed to expire.
The two parties argued over whether or not the company held up their end of the agreement for distributing Yeezy products.
Ye announced the split on social media before appearing on CNBC to discuss his rationale.
\u201c"Sometimes I would talk to the guys, the leaders, and it would be like I was on mute or something."\n\n@kanyewest tells @SaraEisen why he is terminating his Gap deal $GPS:\u201d— CNBC's Closing Bell (@CNBC's Closing Bell) 1663270343
According to Ye, the main issue came down to how Gap Inc. priced and distributed his designs. Shirts he wanted to price at $20 were instead priced for $200.
There was also an agreement about Yeezy stores. According to Ye, these were supposed to be brick and mortar stores to sell Yeezy products.
But instead, the company did pop-ups.
“And they just ignored us about building stores constantly. It was very frustrating. It was very disheartening.”
The most frustrating thing to Ye was the lack of communication. He felt like he was “on mute or something” during meetings with heads of Gap.
Ye felt he should have been recognized as the leader on the project.
“And everyone knows that I’m the leader. I’m the king, right?”
“So a king can’t live in someone else’s castle. A king has to make his own castle.”
\u201cKanye announcing his termination with Gap and they got the live feed of their stock crashing\ud83d\ude02\ud83d\ude02\u201d— Debating Hip-Hop / JID AOTY (@Debating Hip-Hop / JID AOTY) 1663277755
\u201c@lovelyti well gap was literally not fulfilling the contract and was scamming him so ye was prolly right in leaving. sucks for gap tho since they bouta lose 90% of their relevance\u201d— lovelyti (@lovelyti) 1663285682
\u201cLmaoooo I love Kanye too much. Awww GAP stock got hurt. \n\u201cDon\u2019t bring a leader and have them not lead\u201d - Kanye West on why he\u2019s opting out of the GAP deal\u201d— Omawumi O (@Omawumi O) 1663275577
\u201c@HANG24 @DailyLoud \u201cSometimes the answer is sitting right in front of you\u201d was also a fire line\u201d— Daily Loud (@Daily Loud) 1663285692
\u201c@LocalPro @CNBCClosingBell @kanyewest @SaraEisen And that exactly the corporate mindset that puts out mediocre trash. Ya he's wierd and spacy. He's also on the bleeding edge of trends. A good executive team would harness it instead of glazing over waiting for more MBA babble.\u201d— CNBC's Closing Bell (@CNBC's Closing Bell) 1663270343
\u201c@DailyLoud Facts he is right the GAP needs YE not the other way around. I wouldn\u2019t want to argue with a dying retail company either. And anyone who doesn\u2019t like what he said doesn\u2019t know YE\u2019s fashion history he isn\u2019t just a celebrity doing fashion.\u201d— Daily Loud (@Daily Loud) 1663285692
During the interview, as the announcement made its way into the world, Gap Inc. stocks fell.
On air the stock took a four point hit, leading the interviewer to ask about the company’s struggles.
Ye was less than optimistic of the company’s future without his involvement.
“They have one individual on the planet who could save the Gap. Sometimes, the answer’s sitting right in front of you.”
“Don’t bring a leader in and have him not lead.”
“I’m not going to argue with people that are broker than me about money.”
Ye’s lawyers sent a letter to the company about addressing his concerns back in August, giving them 30 days to rectify what they feel were breaches of the contract. However, the company apparently didn’t do enough to fix this.
At the moment, the company has been looking for a new CEO, after their previous one left in July. The president of the company, Mark Breitbart, sent an email to Gap employees making the break seem more mutual than Ye’s version of the story.
Breitbart wrote:
“While we share a vision of bringing high-quality, trend-forward, utilitarian design to all people through unique omni experiences with Yeezy Gap, how we work together to deliver this vision is not aligned.”
“And we are deciding to wind down the partnership.”
The news left many confused.
\u201c@DailyLoud @TTJL56 Oh god I thought this was a skit\ud83d\ude2d\ud83d\ude2d\ud83d\ude2d\ud83d\ude2d it\u2019s real\u201d— Daily Loud (@Daily Loud) 1663285692
\u201c@unusual_whales Can I get my time back for wasting it watching that ...please\u201d— unusual_whales (@unusual_whales) 1663273852
\u201c@GriffinsMayo @unusual_whales @bigdeckbandit Well he is trash so there's that resemblance\u201d— unusual_whales (@unusual_whales) 1663273852
\u201c@lovelyti That Gap hadn't gotten out of that contract before now is amazing, given his shenanigans.\n\nThey are probably relieved to be rid of him\u201d— lovelyti (@lovelyti) 1663285682
\u201c@CNBCClosingBell @kanyewest @SaraEisen He just slipped in the "scamdemic". I was almost taking him as a serious person.\u201d— CNBC's Closing Bell (@CNBC's Closing Bell) 1663270343
\u201c@CNBCClosingBell @kanyewest @SaraEisen I'm glad they're parting ways, he was never the solution b/c his fans will only buy Yeezy items, they'll never return to the store to buy other reg. Gap items. Gap can turn the ship around w/the right person: someone who can bring ppl into the stores & make them repeat customers.\u201d— CNBC's Closing Bell (@CNBC's Closing Bell) 1663270343
Ye had actually worked at the retail store as a teenager and mentioned the clothing store on his early albums.
Since the split, Ye has been pushing for his own Yeezy stores.
He told Bloomberg:
“Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”
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