January 14, 2022
It’s been decades since Gap spearheaded fashion trends, but the chain clearly wants to return to that place. In its most recent move in a more trendy direction, the clothing retailer announced it is getting into trend tech in partnership with a big name in contemporary art.
On January 13, Gap launched its first “drop” of a limited-edition collection of non-fungible tokens (NFTs) created in collaboration with artist Brandon Sines, according to a Press release. NFTs are made available through a blockchain called Tezos (which claims to be greener than the more popular Ethereum).
Mr. Sines is the pop artist in charge of the Frank Ape character, who painted on murals throughout New York City, and appeared at the Guggenheim Museum.
NFT have emerged as a way to enable art collecting in the digital world. By transforming a digital image into an NFT, an artist establishes the NFT as the original version of the work, recorded 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 made other moves recently to try and re-establish a trendy brand identity.
The retailer has been successful in sales with the Yeezy by Gap line and expects the brand to generate $ 1 billion in annual sales as early as next year. The chain fallen her first commercial for the Yeezy by Gap line this week.
CEO sonia sygal told analysts about the third quarter of Gap Inc earnings call in November that the Yeezy line’s “Perfect Hoodie” “delivered the most sales of an item in a single day in gap.com history.”
“With over 70 percent of Yeezy Gap customers buying with us for the first time, this partnership is unlocking the power of a new audience for Gap, Gen Z and Gen X men from diverse backgrounds,” said Ms. ra. Syngal.
Gap, who began his collaboration with Kanye West in 2020, recently announced which would lead high-end fashion house Balenciaga to develop a product line with the rapper that it will launch this June.
DISCUSSION QUESTIONS: Do you think the steps taken by Gap will make it an interesting brand again? What else could Gap do to capitalize on the attention it gets from these moves?
“This strategy is a foundation, but a lot has to be built on that foundation for it to be worth it.”
“Superficiality will not 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 clear Gap yet.”