Connect with us

Celebs

Kanye West Now Worth Estimated $6.6B Thanks to Lucrative Gap, Adidas Deals

Published

on

Kanye West is now worth a staggering $6.6 billion, as revealed in a new Bloomberg report and confirmed by a rep to Billboard.

According to a private document obtained by the outlet, Yeezy – West’s sneaker and apparel business with both Adidas and Gap – has been valued at between $3.2 billion to $4.7 billion by the Swiss investment bank UBS Group. As much as $970 million of that total is tied to West’s new clothing line for Gap (under the Yeezy Gap label) that the retailer has slated for release by July, part of a 10-year agreement the parties signed in June of last year.

The document further reveals that Gap, an ailing brand whose partnership with West represents a play for younger consumers, expects its Yeezy line to break $150 million in sales in its first full year in 2022 and envisions it surpassing a billion dollars in revenue within eight years, or even as soon as 2023 on the upside. West stands to profit handsomely in any event, as he retains sole ownership and creative control of the Yeezy brand and earns royalties on sales under the deal, with the rate increasing as the business grows. He’ll also receive stock warrants when the collection hits sales targets, with the highest set at $700 million, according to a securities filing.

West’s longstanding deal with Adidas has been the most lucrative part of his business endeavors to date, with Yeezy sneakers continuing to fly off of shelves; according to the documents, the brand grew 31% to nearly $1.7 billion in annual revenue last year, netting Yeezy royalties of $191 million. West has been in business with the company since 2013, with their current deal running through 2026.

An unaudited balance sheet of West’s finances, provided to Bloomberg by his lawyer, shows an additional $122 million in cash and stock and more than $1.7 billion in other assets, including an investment in his wife Kim Kardashian’s underwear label Skims (Kardashian filed for divorce in February).

West’s music catalog is worth another $110.5 million, according to a 2020 valuation by Valentiam Group cited by Bloomberg.

The numbers revealed today represent a decidedly sharp turnaround for West, who in 2016 claimed to be $53 million in debt; at the time, he also took to Twitter to implore Facebook founder and CEO Mark Zuckerberg to invest $1 billion in his work. That was before West himself was named a billionaire by Forbes, which estimated his net worth at $1.3 billion in April 2020.

SOURCE

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Television

Yung Miami Joins BMF Season 2

Published

on

By

Yung Miami took to Twitter to announce that we will be seeing her face grace our TV screens this January, for Season 2 of BMF!

Continue Reading

Movies

“Creed 3” Promo Posters released!

Published

on

By

One of the most anticipated movies of the year has released the promo posters, and sadly, we gotta wait til next year to see these two titans take it to the ring.

Originally schedule to release this year, it looks like the new date of March 3, 2023 is when we will get to see what Michael B Jordan has been cooking up.

The movie will serve as Michael’s directorial debut, and also marks the first movie in the franchise where Sylvester Stallone will not appear.

Continue Reading

Music

“Super Freaky Girl” gets moved to the Pop Categories at the Grammys… And Nicki “isn’t mad”

Published

on

By

According to TheHollywoodReporter,

Minaj originally submitted the track — which debuted at No. 1 on Billboard’s Hot 100 chart in August — to the rap categories at the Grammys, but the decision was overturned by the Recording Academy’s rap committee, according to a source. That group determined that Minaj’s playful and pop-sounding song sampling Rick James’ 1981 classic “Super Freak” should compete for best pop solo performance instead of rap awards.

TheHollywoodreporter

In my honest opinion, this was the right move! The song was produced by a Pop producer and it was also promoted as a Pop song. This isn’t an attack on Nicki Minaj, as it has happened across all genres. Some of the more notable people to have this happen would be Kacey Musgraves, The Weeknd, Iggy Azalea, Lil Nas X and so many more.

However, Nicki took to twitter to share her thoughts, per usual:

At this time, Big Energy by Latto, hasn’t been announced which category it will be in. It will likely be in the running for the same Pop awards, based on the fact that Dr. Luke also produced it and the Remix featured Mariah Carey’s rendition of Fantasy, which was also nominated in the Pop category.

Continue Reading
Advertisement

Upcoming Releases

03.25 – Latto – 777 (album)
03.25 – Kanye West – Donda 2 (All Platforms)
TBA – Cardi B – TBA
TBA – Monica – Trenches

Follow us on Twitter

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.