TOPLINEGap Inc.’s stock price increased as much as 42% Friday after the struggling apparel retailer announced a deal with Kanye West’s Yeezy fashion brand — “Yeezy Gap” will be in stores and online in 2021. Kanye West and daughter North on the runway of the Yeezy fashion show during Paris Fashion Week ... [+] 2020. Arnold Jerocki/GC ImagesKEY FACTSUnder West’s creative direction, the Yeezy design studio will develop “Yeezy Gap” to “deliver modern, elevated basics for men, women and kids at accessible price points” and West’s design vision will extend to the line’s branding in Gap stores and across the company’s digital channels. Similar to his footwear deal with Adidas, West will receive royalties based on sales. By 2031, that’s how much Gap Inc. hopes “Yeezy Gap” will be generating in annual sales, a source divulged to the New York Times.

Source: Forbes June 26, 2020 16:18 UTC