Kanye West’s fortune skyrocketed to $6.6 Billion after high-profile partnerships with Adidas AG and Gap Inc. According to Bloomberg’s latest report, his sneaker and clothing business is now valued between $3.2 billion and $4.7 billion by UBS Group AG. The publication added that the star’s Gap collaboration, set to be released in summer 2021, could be worth $970 million.
To date, the 43-year-old rapper is the sole proprietorship and has creative control of the Yeezy brand. In 2020, West signed a 10-year agreement to launch the Yeezy Gap label. In this partnership, the musician and fashion designer will design and sell clothes for all genders and kids. West’s footwear contract with Adidas is in place until 2026.
As reported by Bloomberg, with this alliance, Gap executives expect that Kanye West open a road to help the brand reach younger consumers. “Without some form of reinvention, it will revert to previous struggles, which saw it lose shoppers, market share, and sales,” Neil Saunders, an analyst at GlobalData Retail, said according to the publication.
According to the document, Gap forecasts that its Yeezy line will sell over $150 million in its first year, and after eight years, will become a billion-dollar revenue brand. As per Adidas, Yeezy grew 31% to nearly $1.7 billion in annual revenue in 2020 despite the pandemic.
Kanye finances have come a long way. In 2015, the rapper revealed he was $16 million in debt. In 2016, that amount went higher to $53 million. By 2018, his footwear brand earned over $100 million in royalties.
An unaudited balance sheet provided by Kanye West’s lawyer shows that he has $122 million in cash and stock. Over $1.7 billion in other assets, including investments in Kim Kardashian’s underwear label, on top of $110.5 million for his music catalog.
Although Kardashian filed for divorce from West, it is still unknown if the rapper will continue doing business with his four children’s mother.US Weekly reported that Kanye is having a challenging time managing his work and his breakup. “Kanye has been trying to throw himself into work the past few weeks, but it’s been hard to stay focused with the split weighing on him,” a source told the publication. “Kim was always Kanye’s dream girl — even before they got together — so the thought of her not being his wife anymore is a lot to take in.”
West’s fortune might slightly change after he and Kim Kardashian come to terms regarding their finances and assets. The media outlet informed that Kim asked, “her financial advisors to figure out an exit plan that would be best for her whole family.” The source also revealed that “Kim has had all of her and Kanye’s financials and properties ready to be split; it is a very fair deal for everyone.”