Kanye West and Gap have terminated their contract

Despite the invigorating effect that the Kanye West collaboration had on the coffers of an American company that posted a loss of 162 million in 2021 alone, Yeezy and Gap would have finally ended the contract that binds them this Thursday. Among the reasons cited in a letter from Ye's lawyer were a series of broken promises on Gap's part, both in terms of distributing the line and setting up dedicated Yeezy Gap stores. Concerns that arose last August when the first breaches of contract were revealed, and which West commented on CNBC's Closing Bell, «It's always been a dream of mine to be at Gap and bring the best possible product to market, of course, there's always a tug and pull when you are trying to build something new and integrate teams. Our schedule was not aligned.» In addition, West indicated that he was unable to set the prices he wanted for his products, that he disagreed with the color selection, and that he was also unhappy with the progress of shop launches. And in terms of opening new retail stores, Yeezy added «Everyone knows I am the leader, I am the king. A king can not live in someone else's castle. A king has to build his own castle. Now I will move forward quickly to make up for a lost time by opening Yeezy stores.»

Gap CEO Mark Breitbard immediately contradicted Ye's words, confirming to employees Thursday that the retailer would "abandon" its partnership with Yeezy. «It is important to note that throughout this partnership, we have honored our commitments and the teams have done so with the utmost integrity, overcoming obstacles and showing incredible determination,» he said in a statement reported by CNN. The partnership was born with the best of intentions: YE had worked in a Gap shop as a young man and fondly remembers the experience, which is described in the lyrics of the song Spaceship from the 2004 album University Dropout. The partnership between Gap and Yeezy, announced in June 2020, was to last until 2026. Yeezy, which is wholly owned by Kanye, was to receive royalties and stock based on sales, and Gap would also pay out 8.5 million shares if certain sales targets were met and distribute clothing from the Yeezy line, which actually happened in Times Square.

The collaboration was expected to bring in $1 billion in sales in its first year. But Gap struggled with declining sales in August and lowered its financial forecast, acknowledged missteps at its Old Navy chain, and sought a new leader after the departure of its CEO in July. In recent weeks, YE had already publicly voiced its displeasure with its business partners, particularly adidas. He did so both in a series of Instagram posts attacking the company's board and in an interview with Bloomberg: «I have made companies money. Companies have made me money. We came up with ideas that will change clothing forever, like the Round Jacket, the Foam Runner, and the Slides that changed the shoe industry. Now it's time for Ye to create a new industry. No more companies standing between me and the public.»