Kanye West’s new partnership with Gap is expected to rake in billions the retailer.
According to CNBC, Wells Fargo surveyed 530 Gap customers and 470 non-Gap customers.
A whopping 64% of those surveyed said they planned to purchase at least $ 178 worth of Yeezy products during the first year of the partnership between Kanye West and Gap.
According to the data, 23% of those who do not shop at the Gap still plan on supporting his line and will spend around $126 worth of merchandise.
And there was more good news for Gap. Almost 75% of those who are not planning on purchasing anything from Kanye are still planning to buy something while they shop at the store.
Wells Fargo believes Kanye West will help drive about $990 million in sales in 2022.
The partnership is already off to an amazing start.
The winter jacket sold out instantly, and is currently being resold for upwards of $1,000 – and the product has not even shipped yet.
Kanye West entered into a multiyear deal in June of 2020. The Yeezy Gap line includes the production of apparel for men, women, and children.
“It’s an honor to build on this company’s rich heritage and lead our nearly 130,000 employees in transforming our business and operations to successfully compete in the future,” said Gap CEO Sonia Syngal in a press release. “I’m committed to fully realizing the potential of our portfolio and the advantage of our scale, with a focus on strengthening the love that our millions of customers have for our brands. To do that, we must better prioritize initiatives and capabilities that will improve execution and drive value creation.”
The rapper will receive royalties on the sale of his collection with Gap, with the option to earn equity as well. Kanye’s multibillion-dollar Yeezy line of footwear will remain under the Adidas umbrella.
