January 14, 2022
It’s been decades since Gap continued the fashion trends, but the chain clearly wants to get back to that place. In its most recent move in a more fashionable direction, the clothing retailer announced that it is tapping into trending technology in collaboration with a big name in contemporary art.
On January 13, Gap launched its first “drop” of a limited-edition collection of non-replaceable tokens (NFTs) created in collaboration with artist Brandon Sines, according to a press release. The NFTs will be made available through a blockchain called Tezos (which claims to be more environmentally friendly than the more popular Ethereum).
mr. Sines is the pop artist responsible for the Frank Ape character, which he has painted on murals throughout New York City, and has appeared in the Guggenheim Museum.
NFTs originated as a way of enabling art collecting in the digital world. By converting a digital image into an NFT, an artist establishes the NFT as the original version of the work logged on a blockchain. The creator can then sell the NFT, which retains its value even if the image itself is otherwise copied and redistributed.
Gap has recently taken other steps to try and restore a hip brand identity.
The retailer enjoyed sales success with Yeezy by Gap line and expects the brand to generate $1 billion in annual sales next year. The chain dropped his first commercial for the Yeezy by Gap line this week.
Director sonia sygal told analysts about the third quarter of Gap Inc call for profit in November that the “Perfect Hoodie” from the Yeezy line “generated the most sales per item in one day in gap.com history.”
“With more than 70 percent of Yeezy Gap customers shopping with us for the first time, this partnership unlocks the power of a new audience for Gap, Gen Z plus Gen X men from diverse background(s),” said Ms. . syngal.
Gap, which recently began its partnership with Kanye West in 2020 announced that the high-end fashion house would engage Balenciaga to develop a product line with the rapper that will start in June.
DISCUSSION QUESTIONS: Do you think the steps Gap has taken can make it a cool brand again? What else could Gap do to take advantage of the attention it is getting from these moves?
“This strategy is a foundation, but a lot needs to be built on this foundation to make it worthwhile.”
“Superficiality won’t solve Gap’s problems.”
“I like that the company is willing to try things that are considered ‘out there,’ and I’m not ready to write Gap off just yet.”