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- Former Gap CEO Mickey Drexler said he told Kanye West not to partner with Gap.
- Gap announced its 10-year partnership with Yeezy, West’s fashion label, in June 2020.
- “It doesn’t work for someone like Kanye. It’s not a corporation,” Drexler told Yahoo Finance.
Retail veteran and former Gap CEO Mickey Drexler said he warned Kanye West not to partner with Gap.
Through a 10-year partnership announced in June 2020, West and his team at his fashion brand Yeezy will design a co-branded collection for men, women and children. The collection is called Yeezy X Gap.
Drexler – who served as CEO of Gap between 1992 and 2002, and was credited with making the brand cool again – said in an interview with Yahoo Finance Live that he didn’t think the West and Gap partnership would benefit. to either party.
“I told him he shouldn’t do the deal because it doesn’t make sense in my opinion,” Drexler said, recalling an earlier conversation with West. “It doesn’t work for someone like Kanye. It’s not a corporation and Gap is a big company.
“He’s a smart guy but he shouldn’t have. And I don’t think they [Gap] should have done it either, ”he said.
When Gap announced the deal with West, its shares shot up to 42% – investors saw a chance for the brand to make itself relevant to young consumers after years of declining sales.
Read more: Kanye West’s secret to building a shoe empire to compete with Nike
Last June, he unveiled his first collaboration with Yeezy, a bright blue $ 200 bomber jacket. Drexler told Yahoo Finance the jacket hit $ 7 million in overnight sales, but provided no evidence to support this claim. A spokesperson for Gap did not immediately respond to a request for comment on the matter.
Gap has yet to share sales figures for its collaboration with Yeezy, but UBS analysts previously estimated the partnership could be worth up to $ 970 million.
Gap Inc is due to release its second quarter results later this month.
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