Wednesday, 10 July 2019

Kanye West's sneaker empire is a billion-dollar enterprise according to Forbes


Kanye West's sneaker empire is a billion-dollar enterprise, according to a new cover story on the rapper's business endeavors by Forbes magazine.

Revenue for the Yeezy sneaker line, now with Adidas, is set to top $1.5billion in 2019, and West's pretax income over the past 12 months came in at $150million, according to Forbes.

Since moving the Yeezy line from Nike to Adidas in 2013, West has struck what Forbes calls an 'unprecedented deal' for 15 percent royalty on wholesale, plus a marketing fee.

For comparison, Michael Jordan is thought to get royalties around 5 percent on the Air Jordan line, which does annual sales of about $3billion.

West describes his foot line as 'the Lamborghini of shoes', a nod to the matte-black Lamborghini SUV he owns.

Forbes reports that West appeared for its cover photo shoot not once but twice wearing a black hoodie and that he called the editor to share his concern that the piece would not focus enough on the religious influence on his business.

West's business fortunes mark a stunning reversal from just three years ago in late 2016, when he begged Mark Zuckerberg to invest $1billion in his 'ideas' and claimed to be $53million in debt.

'I'm just blessed through the grace of God to go from tweeting at Mark Zuckerberg (to now)'.

He added: 'People wondered, 'Why did you tweet at Mark Zuckerberg?' And I was like, 'Hey, I heard he was looking for aliens.''

No comments:
Write comments

Popular Posts

Featured Post

Kingsley Moghalu Resigns From YPP, Calls For Electronic Voting

 The presidential candidate of Young Progressive Party in the 2019 Presidential election, Prof. Kingsley Moghalu, has left the Young Pro...

Recommended Posts × +