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Will NFTs, Kanye West and high-fashion collabs help Gap get its groove back? – RetailWire

Will NFTs, Kanye West and high-fashion collabs help Gap get its groove back? – RetailWire
Written by publishing team

January 14, 2022

It’s been decades since Gap led fashion trends, but it’s clear that the chain wants to return to this place. In its latest move in a more trendy direction, the clothing retailer has announced that it’s entering the tech trend by collaborating with a huge name in contemporary art.

On January 13, Gap released the first “drop” of a set of limited-edition non-fungible tokens (NFTs) co-created with artist Brandon Sainz, according to press release. NFTs are provided by a blockchain called Tezos (which is claimed to be more environmentally sound than the more popular Ethereum).

Mr. Sens is the pop artist responsible for frank the monkey The character, which he painted on murals throughout New York City, is featured in the Guggenheim Museum.

NFTs It emerged as a way to allow artwork to be collected in the digital world. By converting a digital image to an NFT, the artist establishes the NFT as an original version of the work, which is recorded on the blockchain. The creator can then sell the NFT, which retains its value even if the image itself is copied and redistributed.

Gap has taken further steps recently to try to re-establish its modern brand identity.

The retailer has had sales success with Yeezy by Gap line and expects the brand to generate $1 billion in annual sales early next year. Series Projection The first commercial for the Yeezy by Gap line this week.

Executive Director Sonia Segal For analysts in the third quarter of Gap Inc. earnings call In November, Yeezy’s “Perfect Hoodie” achieved “the most sales by an item in a single day in the history of gap.com.”

“With more than 70 percent of Yeezy Gap customers shopping with us for the first time, this partnership unleashes the power of a new audience for Gap, Gen Z plus Gen X men from diverse backgrounds,” said Ms. Singal.

Gap, who started her collaboration with Kanye West in 2020, recently announce It will bring couture house Balenciaga to develop a product line with the rapper that will be launched in June.

Discussion Questions: Do you think the steps Gap has taken can make it a great brand again? What more could Gap do to take advantage of the attention he’s getting from these moves?

Bryantist

“This strategy is a foundation, but a lot has to be built on that foundation to be worth it.”

“Superficiality will not solve Gap’s problems.”

“I like that the company is willing to try things that are ‘there’, and I’m not ready to write off the Gap yet.”

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