Does Kanye Make Money From Yeezys
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Kanye West's Yeezy brand is entering into a multi-year partnership with Gap. Take a look at how the hip-hop artist built and spends his fortune, from a $3.8 million car collection to nearly $300,000 worth of livestock.
Updated
2020-06-26T16:43:00Z
- Kanye West's footwear and apparel brand Yeezy has entered a multi-year partnership with Gap.
- Yeezy was valued at almost $3 billion in 2019 and West is the sole owner.
- In April, Kanye West was declared a billionaire after years of publicly insisting that he belongs in the three-comma club.
- The majority of West's $1.3 billion fortune comes from Yeezy.
- West owns $21 million in real estate, a $3.8 million car collection, and $297,050 worth of livestock, Forbes reports.
- Visit Business Insider's homepage for more stories.
Kanye West's Yeezy brand has entered into a multi-year partnership with Gap.
Bloomberg's Kim Bhasin reported that the Yeezy-Gap collaboration will see a line of apparel for men, women, and a kid's line called Yeezy Gap. Products will start to roll out in 2021
"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 press release about the partnership.
In a 2015 interview with the now-defunct Style.com, West revealed that he wanted to be the "Steve Jobs of Gap." He also mentioned Gap in the song "Spaceship" from his album "The College Dropout."
In April, Forbes declared West a billionaire after a years-long public campaign by the rapper and fashion designer. Despite being new to the three-comma club, West has long been open about the extravagant lifestyle he shares with his wife, Kim Kardashian West.
Together, the couple owns millions of dollars of luxury cars, real estate, and even nearly $200,000 worth of livestock, according to Forbes.
Here's a look at how West has built and spent his billion-dollar fortune.
Kanye West is the highest-paid person in hip-hop.
The rapper raked in an estimated $150 million in 2019, according to Forbes. The publication looked at pretax income from June 2018 to June 2019 before deducting fees for agents, managers, and lawyers.
Jay-Z, the industry's second-highest-paid artist, made an estimated $81 million in 2019. Drake is the third highest-paid hip-hop artist, with $75 million in pretax earnings.
Yeezy's success has stemmed in part from West's unique marketing strategies.
As Business Insider's Mary Hanbury previously reported, West rolls out new products in limited numbers, which boosts the hype and causes them to sell out quickly. One hour after the Boost 350 sneakers went on sale for $200, for example, they were sold out in stores and online.
And it helps that his equally famous wife, Kim Kardashian West, is among his biggest supporters. In 2018, Kardashian West was at the center of her husband's Yeezy Season 6 campaign, stepping out in public wearing the new collection and being photographed by the press.
West is known for hosting what he calls "Sunday Service," an invitation-only spiritual gathering and performance usually held in Southern California.
During the services, West often sings and raps gospel versions of his own songs accompanied by a large choir.
The get-togethers have reportedly been attended by major celebrities including Brad Pitt, Dave Chappelle, A$AP Rocky, and Katy Perry — and everyone who attends reportedly has to sign a nondisclosure agreement.
Despite his current success, West's personal finance journey has been somewhat tumultuous.
In 2014, he was worth an estimated $30 million, according to Forbes.
But in 2016, West tweeted that he was $53 million in debt and asked Facebook founder Mark Zuckerberg to invest $1 billion in "Kanye West ideas."
Now, West's net worth is estimated to be $1.3 billion, Forbes reports.
The hip-hop artist has dropped millions on real estate around the country. In New York City, his former Soho apartment (bought by West in 2004 and sold by him in 2018) was listed by the new owner for $4.7 million in September 2019.
The 2,427-square-foot, one-bedroom apartment features a home automation system, custom lighting and sound systems, and access to a shared rooftop deck with panoramic views of lower Manhattan, CORE Real Estate told Business Insider.
The home is currently in contract, with the price dropped to $3.99 million as of June 2020.
Around the same time his former apartment in Manhattan hit the market again, West bought a $14 million ranch in Wyoming.
The massive property includes a restaurant and saloon, a ranch-style event venue, a maintenance shop, an office building, horse barns, sheds, corrals, storage facilities, and a state-of-the-art shooting range.
In an interview with Jimmy Fallon, Kardashian West said she envisions their family spending some summers and weekends at the Wyoming ranch.
In a 2018 interview with radio host Charlemagne Tha God, West said he wanted to be "one of the biggest real estate developers of all time, what Howard Hughes was to aircrafts and Henry Ford was to cars…"
The rapper has tried to build a community of "Star Wars"-themed housing for the homeless on his 300-acre property in Calabasas, but in August he was cited by the city after allegedly building several dome-like structures — which he has said are temporary prototypes — without the proper permits.
Some of the structures have since been demolished.
West branched into commercial real estate last year, when it was reported that he would invest $1 million into a historic Chicago theater.
The owner of the Avalon Regal Theater said in February that West had committed to spending $1 million to renovate and reopen the 91-year-old movie theater, The Chicago Sun Times reported.
In 2019, West also discussed relocating to Chicago — where he grew up — with his family.
West is also reported to have quite the luxury car collection.
He's been photographed driving several different luxury cars that each cost hundreds of thousands of dollars.
West owns $3,845,162 worth of vehicles, according to Forbes.
According to Auto World News, West has been photographed several times driving an Aston Martin DB9.
That Aston Martin model is worth about $200,000.
He's also been spotted driving a Mercedes McLaren SLR.
Today, a used 2008 Mercedes McLaren SLR sells for about $300,000.
West has been calling himself a billionaire for years, contradicting Forbes' estimates at the time.
West was sitting in the audience of the New York Times' Dealbook Summit on November 6 while Kardashian West and Kris Jenner were being interviewed by The Times' Andrew Ross Sorkin, when he was asked by Sorkin how he handled marrying into such a successful family.
West said Forbes "chose to call him a centi-millionaire," despite having "showed them receipts." The magazine estimated West's fortune at $240 million in June 2019.
When the audience erupted in laughter, West said, "It wasn't funny to me."
West has been insisting that he's a billionaire for years, but Forbes didn't agree with him until April 2020.
According to Forbes, West's campaign to be added to the Billionaires List didn't end at Dealbook. Forbes editor Zack O'Malley Greenburg wrote Friday that when the magazine published its most recent Billionaires List without West's name but with his 22-year-old sister-in-law Kylie Jenner featured as the world's youngest self-made billionaire for the second year running, West texted Forbes reporters accusing them of omitting him because of his race.
The magazine now estimates that West is worth $1.3 billion.
In May 2020, Forbes reported that Kylie Jenner was no longer a billionaire and that Jenner's previous claims about her wealth were exaggerated. Jenner disputed the report.
West says he's worth $3.3 billion, but Forbes pegs his net worth at $1.3 billion.
Bloomberg, which seemingly reviewed the same financial documents Forbes based its estimate of West's net worth on, acknowledged that West's accountant provided documents showing that he has more than $3 billion worth of assets but didn't go as far as to call him a billionaire outright. According to West, Yeezy's shoe division is worth $3 billion alone, based on a 2019 valuation of the streetwear brand by Bank of America.
Bloomberg also wrote that Bank of America's valuation of Yeezy may no longer be accurate, as it was calculated in 2019, before the coronavirus pandemic took hold in the United States. The crisis sank US apparel, accessories, and footwear sales 79% percent lower in April than they were during the same time in 2019, Bloomberg reported. Bloomberg estimates that Yeezy may be faring above average, however, as it has no brick-and-mortar retail stores and relies on Adidas for logistics.
In June 2020, it was announced that Kanye has entered a multi-year deal with Gap, which will see his Yeezy brand create apparel for the retailer. The line will officially start rolling out in 2021.
Business Insider's Madeline Stone reported that Gap was "excited to welcome Kanye back to the Gap Family."
As a teenager, Kanye worked at a Gap store in Chicago, Stone reported. Now, decades later, the rapper signed a 10 year deal, which will see his Yeezy brand create apparel for the retailer.
Per Bloomberg's Kim Bhasin, the Yeezy-Gap collaboration will see a line of apparel for men, women, and a kid's line called Yeezy Gap. Products will start to roll out in 2021
"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 press release about the partnership.
In a 2015 interview with Style.com, West revealed that he wanted to be the "Steve Jobs of Gap." He also mentioned Gap in the song "Spaceship" from his album "The College Dropout."
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Does Kanye Make Money From Yeezys
Source: https://www.businessinsider.com/kanye-west-net-worth-yeezy-spending-real-estate-photos
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