American rapper Kanye West, who goes by Ye, has put two major retailers Gap Inc (NYSE:GPS) and adidas AG on notice, indicating he is terminating his partnerships with both brands as rising tensions between the parties have reached a tipping point.
Per a Wall Street Journal report, West’s company Yeezy is attempting to end its contract with Gap over the retailer’s alleged failure to meet the obligations of their agreement, including distributing Yeezy branded products to store locations and creating dedicated Yeezy Gap stores.
West’s lawyers reportedly sent the termination letter to Gap on Thursday. News of the termination attempt saw Gap stock fall almost 4% pre-market, with the stock down about 1% trading at US$9.25 per share mid-morning.
West’s 10-year partnership with Gap to develop an affordable line for men, women, and children under the Yeezy brand otherwise does not expire until 2030.
The rapper has also openly spoken about issues within his relationship with adidas, which offers his Yeezy shoe line, including the company allegedly stealing his ideas and manufacturing competing products based on his designs. West's long-term arrangement with the company does not expire until 2026.
While he may be stuck with his current contracts, West has firmly indicated he is done with this type of corporate partnership and going forward his focus is on Donda Academy, a Los Angeles school founded by West in the memory of his late mother, and opening Yeezy retail stores.
In an interview with Bloomberg on September 12, West told the publication: “it’s time for me to go it alone.” He continued: “Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”