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Stock Alert: Gap Jumps 34% As It Partners Kanye West

Shares of Gap Inc. (GPS) are gaining almost 34 percent or $3.43 in Friday's morning trade at $3.59 after the apparel retailer announced a partnership with rapper and singer Kanye West.

Friday, Gap said it is in deal with Kanye West to launch the YEEZY Gap line, to be available in Gap stores and on its website in 2021. Under West's creative direction, the YEEZY design studio will develop the new clothing line to for men, women and kids "at accessible price points".

Under terms of the partnership, YEEZY will receive royalties and potential equity related to sales achievement. Kanye West maintains sole ownership of the YEEZY brand and was recently valued at $2.9 billion in April 2020.

The stock has traded in a range of $5.26 to $19.86 in the past 52 weeks.

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