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.''

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