Kanye West reportedly worth over $6.6 billion due to Yeezy brand
The number stems from lucrative deals pairing the superstar rapper-producer’s Yeezy label with Gap and Adidas.
The net worth of rap superstar Kanye West has been estimated to be more than $6.6 billion, due in part to lucrative agreements pairing Gap and Adidas with West’s Yeezy brand.
Bloomberg is reporting that West’s business with the two iconic labels is valued between $3.2 billion and $4.7 billion by UBS Group AG, according to a private document obtained by the news outlet.
West has a 10-year agreement with Gap to design men’s, women’s and children’s clothes under the new Yeezy Gap label, which will debut this summer and potentially contribute nearly $1 billion to West’s vast fortune. In announcing the agreement last year, Gap wrote that West would create “modern, elevated basics for men, women and kids at accessible price points.”
Gap, the iconic fashion company that also owns Old Navy and Banana Republic, had closed more than 100 stores in North America before the West deal. Executives there expect its partnership to pay off in a major way and, according to the report, the company envisions becoming a billion-dollar revenue brand within eight years, with sales exceeding $1 billion by 2023.
Read More: Vanessa Bryant IDs cops accused of sharing photos of Kobe, Gianna crash
Gap investors also have faith in the superstar rapper/producer. Stock prices reached a 40-year high when the partnership was announced last year.
West will earn royalties on his sales, with rate increases based on the success of the Yeezy Gap line. Further, he will earn stock warrants. Completely invested in their relationship, Sonia Syngal, Gap, Inc. chief executive officer, said last month: “The entire Gap team are heads down and believe this to be a very big potential for us.”
Read More: Iyanla Vanzant’s ‘Fix My Life’ final season begins April 10
West, who has maintained 100-percent ownership of the Yeezy brand, also has a lucrative agreement with Adidas, a partnership in place until 2026. The Bloomberg report notes that West’s Adidas partnership has remained consistent for years and is his largest financial asset. During the pandemic, sales of his shoes grew by 31 percent.
West is currently trending on Twitter, as he has reportedly become the “richest Black man in American history.”
5 years ago, Kanye West was $53 Million Dollars in debt.
Today, Kanye West is now the richest black person in US History. pic.twitter.com/Ig2Y2ppHhv— Scoopty (@ScooptyWhooop) March 17, 2021
Kanye West proclaiming he’ll be a billionaire in 4 years while sitting in $50 million of debt and now sitting on a net worth of $6.6 billion, achieving everything people called him crazy for saying is proof that no matter what he says he’ll do, you can never write him off.
— All Love Hip Hop (@AllLoveHipHop) March 17, 2021
Republican author and strategist Candice Owens tweeted: “My friend @kanyewest is the richest black man in United States HISTORY, and he did it without ever compromising who he is or ever letting any industry tell him what he has to be. In a world filled with celebrity puppets, he stands alone. I continue to be so inspired by him.”
Have you subscribed to theGrio’s “Dear Culture” podcast? Download our newest episodes now!
TheGrio is now on Apple TV, Amazon Fire and Roku. Download theGrio.com today!
The post Kanye West reportedly worth over $6.6 billion due to Yeezy brand appeared first on TheGrio.
