Following a public spat between Kanye West and brand partners Adidas and Gap, the American musician has revealed he will continue “on his own” after their respective contracts expire.
In a phone interview with Bloomberg news agency, Ye, which is Kanye West’s official name, stated: In a phone interview with Bloomberg news agency, Ye, which is Kanye West’s official name, stated that it is time for me to start my own business: ” It’s time for me to start my own business. I brought money into the company. The companies made money for me. We have developed ideas that will change the clothing industry forever. Like the round-cut jacket, the foam runner, the slides that changed the footwear industry. Now it’s time for Ye to make the new industry. No more companies standing between me and the audience.”
Long-term contracts
Contractually, however, Ye has to hold out – unless a buyout is agreed. The Yeezy Adidas contract runs until 2026, while the Yeezy Gap contract expires in 2030. Over the summer, Kanye West took to Instagram to criticize Adidas for copying Yeezy products. It’s just one of the many points of friction between the two, with Adidas having control over brand management and distribution, as well as ownership of patents. In 2020, Ye reportedly earned $191 million in royalties from Adidas.
“No one should be in a position where you can steal from them and say we’re just paying you to shut up,” Ye told Bloomberg. “It destroys innovation.”
At Gap Inc., the musician was considered the ideal partner to sell democratized fashion at affordable prices. Ye previously expressed a desire to be elected to the company’s board of directors and involved in strategy meetings. Neither Adidas nor Gap have publicly responded to the comments.
In a series of Instagram posts, Ye vented his frustration with both companies, hinted at plans to leave both companies, and named Authentic Brand Group as a possible partner.
While his own company, Yeezy Supply, operates its own e-commerce platform, it has neither extensive retail nor manufacturing experience. Taking to social media, Yezy urged seasoned retail professionals to come forward.
This translated post previously appeared on FashionUnited.uk.