Posted at 9:33 PM and July 10, 2019
In this photo, taken on May 06, 2019, Kim Kardashian and Kanye West arrive for the Met 2019 Gala at the Metropolitan Museum of Art on May 6, 2019 in New York. (Photo: ANGELA WEISS, AFP / Getty Images)
In 2016, rapper Kanye West made the headlines when he asked his CEO, Mark Zuckerberg, via Twitter, to invest $ 1 billion in his "ideas" because he personally had a debt of $ 53 million.
West never received this billion Zuckerberg (although they apparently became friends and karaoke together), but it seems that West has now cured its own financial difficulties: his clothing brand Yeezy is a billion-dollar empire According to Forbes, Over 12 months, Forbes estimates that West has earned more than $ 150 million (before taxes). Its revenues are largely due to the Adidas Yeezy deal, a line that is expected to exceed $ 1.5 billion in revenue in 2019.
The rapper turned designer has negotiated a 15% royalty on the wholesale price of his sneakers with the German shoemaker Adidas, as well as marketing costs, after transferring his brand to the clothing brand of Nike in 2013, according to Forbes .
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In comparison, basketball legend Michael Jordan, who still accounts for about $ 3 billion in annual sales for Nike, would only receive royalties of about 5% on sales, according to Forbes. Jordan does not have his mark, unlike West.
Although it took West just over two years to launch its first design under Adidas, the line quickly gained momentum: its 2015 Yeezy Boost 750 "Light Brown" sneakers sold in under 10 minutes at the retail price of $ 350 and beyond. In recent years, limited edition editions such as Yeezy Boost 350, Yeezy 950 and Yeezy Boost 700 have recorded record sales at retail prices ranging from $ 300 to $ 585 per pair.
On Monday, West's wife, Kim Kardashian West, posted on Instagram a statement in which she says she is "extremely proud of [her] husband. She says she has seen every day how hard he works and how much he puts his heart and soul into his business and every product he designs.
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"It's no surprise to those who work with Kanye or who are close to Kanye that he has been able to convert a multi-million dollar debt into a billion in just four years. 100% on its terms, while holding 100% of its business, "she wrote.
West tells Forbes that he attributes his success in part to his Christian faith and his diagnosis of bipolar disorder, which he calls a "superpower" essential to his creativity. But most importantly, he tells Forbes that he is a "product type" at his base.
"Making products that make people feel great joy and solving the problems of their lives is the solution I love to do," says West.
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