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Kanye explains why he’s terminating Gap partnership as stock crashes in the background
Published 13:24 17 Sept 2022 BST
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'I'm not going to argue with people that are broker than me about money'
Kanye West has explained why he has terminated his partnership with Gap, as the retailer's stock crashes. On Thursday, Kanye, also known as Ye, announced he was seeking to terminate the contract between Gap and his company, Yeezy. This comes just over a year after Yeezy's first item, a blue puffer jacket, appeared in Gap stores. The rapper has accused the firm of failing to honour terms of the deal. Speaking to CNBC, he said there is only "one individual on the planet that could save the Gap," before asking the news host who she thinks that is. Kanye then said: "Don't bring a leader in and have them not lead." On screen, viewers could see Gap's stock price falling as he spoke. https://twitter.com/zachvallese/status/1570499215268409344Kanye's lawyer, Nicholas Gravante sent a letter on the rapper's behalf to Gap notifying it of his intent to end the deal, the BBC reports.
"Gap left him no choice but to terminate their agreement," he said. "Ye will now promptly move forward to make up for lost time by opening Yeezy retail stores."
In an email to staff, Gap's president and chief executive Mark Breitbard said Gap and Yeezy did not have a vision that was "aligned.""Important to know is that throughout this partnership, we have upheld our commitments - and the teams have done so with the utmost integrity, navigating obstacles and demonstrating incredible resolve," he added.
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