(TIML NEWS) Kanye West made his return to Twitter on Friday (June 26). This time the Chicago native did not use the social media platform to express his political views or promote new music. He introduced a new partnership with a store he once worked at as a teenager.
The G.O.O.D. Music label founder posted two tweets associated with the 50-year-old, San Francisco-based Gap, Inc. West’s first tweet featured a photo of a person wearing bright-colored clothing. The text of the tweet simply said, “#WESTDAYEVER.”
A few hours later West posted another tweet that read, “YEEZY AND GAP FORM PARTNERSHIP #WESTDAYEVER.” The message was accompanied by what appeared to be the logo for the new Yeezy collection with Gap.
According to reports, West and Gap entered into a multiyear deal that includes the production of apparel for men, women, and children. The Yeezy Gap products are expected to hit brick-and-mortar and online stores in 2021.
West is said to be receiving royalties from the collection with compensation connected to sales. He could possibly earn equity in Gap as well. The Hip Hop mogul’s multibillion-dollar Yeezy footwear line will remain under the Adidas umbrella and reportedly will not be sold at Gap locations.
Gap, Inc has recently experienced tough financial times. The company’s former CEO, Art Peck, stepped down from the chief executive position in 2019 following reports of declining sales. Sonia Syngal was named the new CEO in March 2020.
“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 Syngal in a March 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.”
Gap, Inc’s net sales reportedly fell by 50% in the first quarter of 2020, the time period where the COVID-19 pandemic caused many businesses to close their doors. The corporation’s stock dropped 43% this year through the close of the market on Thursday. However, Gap, Inc shares have risen over 30% on the New York Stock Exchange so far today.