Surprise from Kanye West to Armenian fans

Kanye West wearing a suit and tie

Kanye West announced the partnership with a simple tweet: "YEEZY AND GAP FORM PARTNERSHIP #WESTDAYEVER".

According to a statement issued to The New York Times, the YEEZY design studio under Kanye's creative direction will produce "modern, elevated basics for men, women, and kids at an accessible price point".

Kanye West has always been the type of artist who has fancied himself as an innovator, and many people around the world would agree. The Yeezy brand was valued at Dollars 2.9 billion in April and now all it will receive royalties and profits from this collaboration.

Gap issued Yeezy Supply warrants for up to 8.5 million shares of the company's common stock - equivalent to about 2.3 percent of the retailer's outstanding shares.

Kanye West and Gap (GPS) have agreed to a multi-year deal to create a clothing line for the entertainer's famed YEEZY line. In the wake of this indefinite postponement, Gap offered Telfar 25% of the design fee as an advance for work that had already been completed on the collab.

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Shares of the company shot up 29 percent to $13.11 Friday morning on word that West's Yeezy brand was coming to its namesake chain's stores and web site next year.

As a teen, West, 43, worked at a Gap store in the Chicago area.

Latching onto the star power of West is a major marketing score for Gap, which has seen sales consistently decline since 2013 and has scrambled to remain relevant in a rapidly shifting ready-to-wear landscape.

"If anyone knows Kanye they know how much the Gap and Yeezy means to him so this partnership is his dream come true!"

Financial details were not disclosed, but Gap said Yeezy would receive royalties and potential equity based on sales results.

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