Kanye West claims he is ‘done’ with Adidas, Gap in new interview

Sep. 12, 2022 12:20 PM ETThe Gap, Inc. (GPS), ADDYYJPMBy: Kevin P. Curran, SA News Editor17 Comments

adidas + KANYE WEST New Partnership Announcement

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Kanye West claimed he is “done” with corporate partners like The Gap (NYSE:GPS), Adidas (OTCQX:ADDYY), and even JP Morgan (JPM) in an interview with Bloomberg on Monday.

The rapper and producer has been a linchpin to turnaround plans at The Gap (GPS) since joining the retailer in 2020, providing a boost to the company amid the height of COVID uncertainty. Likewise, Adidas (OTCQX:ADDYY) has seen its Yeezy brand shoes generate billions in revenue. However, according to the latest interview, the rapper wants out of the agreement with both the American retailer and German sportswear company that are due to expire in 2030 and 2026, respectively.

“It’s time for me to go it alone,” he told Bloomberg on Monday. “It’s fine. I made the companies money. The companies made me money. We created ideas that will change apparel forever. Like the round jacket, the foam runner, the slides that have changed the shoe industry. Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”

The rapper has also publicly stated that Adidas offered him a $1B buyout in recent days.

Despite the comments, shares of both Kanye West-linked companies rose during Monday's trading.

The Bloomberg report also made note of West’s displeasure with JP Morgan (JPM) over his inability to reach CEO Jamie Dimon, among other issues.

Read more on the recent CEO transition at The Gap as Kanye contends with a reshuffled C-Suite.

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