By Music News
The partnership between
Kayne West and
Gap is already off to a great start. Financial analysts report it’s worth a billion dollars after its first year.
He entered into a multiyear deal last June with a line of apparel for men, women, and children. As an example: A winter jacket sold out instantly, and is being resold for upwards of $1,000.
West receives royalties on the sale of his collection with Gap, with the option to earn equity as well.
It is believed that
TL;DR:
Gap
TRENDING TODAY
When Gap appeared on British high streets in 1987, its particular brand of all-American fashion proved an instant hit. Three decades on, however, it had lost its distinctive appeal and yesterday (July 1) shuttered all 81 of its UK stores. So, where did it go wrong?
The closure of Gap stores was not a total shock. The fashion giant hinted at troubles earlier this year when it said that it was reviewing the profitability of 19 outlets. Global sales for Gap Inc, which includes sister brands Old Navy and Banana Republic, were down 16% to $16.4bn last year.
But the decision to pull out of the UK and Ireland, with the estimated loss of more than 1,000 jobs, was unexpected. “The closure of Gap’s bricks and mortar brand definitely feels like a big one, up there in Woolworths and HMV stakes as a fallen high street idol,” says Ben Mooge, chief creative officer at Publicis Groupe UK.
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