- DPA
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Shares of Gap Inc. (GPS) are gaining
almost 34 percent or 3.43 dollars in Friday’s morning trade at 3.59 dollars after
the apparel retailer announced a partnership with rapper and singer
Kanye West.
Friday, Gap said it is in deal with Kanye West to launch the Yeezy
Gap line, to be available in Gap stores and on its website in 2021.
Under West’s creative direction, the Yeezy design studio will develop
the new clothing line for men, women and kids “at accessible price
points”.
Under terms of the partnership, Yeezy will receive royalties and
potential equity related to sales achievement. Kanye West maintains
sole ownership of the Yeezy brand and was recently valued at 2.9
billion dollars in April 2020.
The stock has traded in a range of 5.26 to 19.86 dollars in the past 52
weeks.(DPA)
