The new collaboration between Gap and Kenya West could save the Gap network reporting losses of hundreds of millions of dollars and the collaboration also fits in with the rapper's megalomaniacal ambitions.
West will launch its "Yeezy" brand in the stores of the PaneaopneBuy Westgap After losing more than 30% of the campaign this year, last week the share of the American retail chain, Gap, rose by 18%. This came after the company announced a commercial collaboration with rapper, fashion designer and entrepreneur, Kenya West, and his brand, Yeezy, in a joint clothing collection for men, women and children, to be launched in 2021 in chain stores and the site at equal prices per capita. Read more in Calcalist: The Soho House membership club opens a branch in Israel The rapper who becomes the hottest star in America despite being a convicted felon Alternative energy - recommendations for hours of gap Gap sales have been faltering for a long time, $ 1 million in the first three months of the year. The general closure forced the company to close its 3,300 stores, and cancel summer and fall orders. Gap fired 10% of the workforce and reported a 43% drop in sales. West. $ 1.3 billion sales of sneakers with Adidas in 2019 West. $ 1.3 billion sales of sneakers with adidas in 2019 Photos: API, Reuters This collaboration could help a company struggling over the past decade with changes in consumption habits and the shift of customers from malls to online shopping, trying to return the same voice that characterized it in the past And attract a new audience. West's hype and popularity, whose brand was valued at $ 2.9 billion in April, are exactly what Gap aims to achieve. Judging by West's successful collaboration with Adidas, Gap has taken the right step. This collaboration spawned Yeezy sneakers, perhaps the most talked-about sneakers in the world, whose sales in 2019 totaled $ 1.3 billion, and according to Forbes, West receives royalties of about 11% from them. Yeezy's marketing strategy advocates direct appeal to fans and consumers, limited editions, buzz around the brand, and media launches at hotspots around the world. As a result, long queues drag on for a day before the shoes arrive at the store, and an online collectors market is created where prices rise by hundreds of percent of the original price. Undoubtedly, West has proven that $ 200 sneakers can be as coveted and hard to get as Hermes' Birkin bag. In the case of Gap, West's ambitions are different. More than once he has previously announced that he wants to make his brand the largest clothing brand in history. no less. "I believe Yeezy is the dark-skinned McDonalds of the clothing world," he told the BBC. "I want to be Gap's Steve Jobs," he said in an interview with Style.com in 2015, "and I'm not talking about a capsule collection." He added that "in order to create Apple's outfit, the next gap, you have to invent something new, something that is so good that you do not get credit for it, because it has become the norm." Gap Store. 43% drop in Gap Store sales. 43% drop in photo sales: Reuters West has a history with Gap, in his youth as a teenager he worked as a salesman at the brand's store which was also mentioned in his music: on one of his first albums he sang rap about his work at the store, describing his investigations . According to the New York Times, the partnership is for ten years with an option for another five, and Gap's ambition is to reach a $ 1 billion sales target within five years. This collaboration will yield West royalties but also sales-dependent equity: According to Business of Fashion, West's company could earn up to $ 8.5 million from Gap shares. And if that's not enough, West also filed an application earlier this month to register Yeezy's trademark in the beauty industry for the production of makeup and beauty products alongside lifestyle items.
Comments will be approved before showing up.