Gap Inc has entered into a 10-year deal with rapper and fashion designer Kanye West to create a Yeezy line of clothing, both parties said on Friday, sending shares of the apparel retailer soaring 42%.
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Aimed at young shoppers, the Yeezy-Gap line, which will offer items such as hoodies, basics, T-shirts and joggers, is expected to appear in Gap stores and on Gap.com in 2021, the two parties said. West will keep sole ownership of the Yeezy brand.
Financial details were not disclosed, but Gap said Yeezy would receive royalties and potential equity based on sales results. Yeezy said the brand is valued at $2.9 billion..
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