Kanye West is teaming up with Gap to create a new Yeezy clothing collection that is expected to hit stores in 2021

• Kanye West's Yeezy brand is partnering with Gap to create a new clothing line, Yeezy Gap.
• The new collection for men, women, and children will be designed by West and the Yeezy team.
• Gap did not share the financial details of the deal but said that Yeezy would earn royalties and potential equity related to sales results through this partnership.

Kanye West could be the answer to Gap's problems.

The rapper turned fashion designer behind streetwear brand Yeezy is partnering up with America's iconic apparel giant in a "multi-year partnership" that will see West and his design team creating a co-branded collection of apparel for men, women, and children to be sold online and in-store at Gap.

The Yeezy Gap line is expected to launch in 2021, Gap said Friday.

"We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his Yeezy brand and together defining a next-level retail partnership," Mark Breitbard, Global Head of Gap Brand, said in a statement to the press.

Gap did not share the financial details of the deal but said that Yeezy would earn royalties and potential equity related to sales results through this partnership.

Yeezy already has an ongoing partnership in place with Adidas, and according to Forbes pulled in an estimated $1.3 billion in sales in 2019. The brand was recently valued at $2.9 billion.

West, who previously worked at a Gap store in Chicago as a teenager, could help Gap to bring back shoppers and boost sales after several years of struggling. It has been accused by analysts of falling behind competitors by not updating its "anemic ranges" of clothing.

"These are bland and undifferentiated and do nothing to stimulate consumers. Against a market saturated with alternative apparel destinations, this simply isn't good enough. Gap has been aware of this problem for an eternity but has consistently failed to act either because it is too inert to do so or because it is unsure of how to correct the problem," Nel Saunders, managing director of GlobalData Retail said in a note to clients earlier this month after the company reported its most recent earnings results.