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Kanye West 'formally notifies' Gap that he is 'terminating' their partnership
Kanye West has formally notified Gap that he is terminating their partnership.The artist's lawyers sent a letter to the company on Thursday to notify them of the termination, according to The Wall Street Journal.The letter alleged that Gap breached their agreement by not releasing apparel as planned, or opening stores.The contract with Gap, signed in June 2020, is good for for another eight years. The multi-Grammy Award-winning recording artist, who is also feuding with Adidas, still has until 2026 before his deal with the sportswear brand runs out. The latest: Kanye West has formally notified Gap that he is terminating their partnershipBloomberg reported that Ye holds $122 million cash and stock, but that his corporate deals make him a billionaire. His net worth is $2 billion, according to Forbes. The Yeezy brand earned $191 billion in royalties in 2020 from the Adidas deal, according to USB Group AG. In January, it was reported that the initial estimate of sales of the Yeezy Gap line at $1 billion, per Forbes.In July, Kanye said they sold $14 million worth of hoodies at $80 per item. He still owns a small stake in ex wife Kim Kardashian's Skims brand. The Wall Street Journal viewed the letter.The Yeezy Gap merchandise already available in stores will remain there and still be available for purchase, per the letter.It also said that the company was required to sell 40% of the Yeezy Gap merch in stores during the latter part of 2021.Only one item from the collection went on sale last fall, and it was only available online and not in a store.