Kanye West sneaker empire is now worth $1billion and features on the cover of the latest issue of Forbes magazine
Forbes new cover story is on the rapper Kanye West’s business endeavours. According to Forbes Kanye West’s sneaker empire is a billion-dollar enterprise.
In 2019, revenue from Yeezy sneaker line with Adidas is set to top $1.5billion 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 per cent royalty on wholesale, plus a marketing fee”
In comparison to Michael Jordan’s Air Jordan line which is thought to get royalties around 5 percent and 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.
West’s business fortunes mark a stunning reversal from just three years ago in late 2016, when he begged Mark Zuckerberg to invest $1 billion in his “ideas” and claimed to be $53 million in debt.
He is now spending his shoe fortune on special Belgian plaster floors for the Los Angeles mansion he shares with wife Kim Kardashian West and their four children, North, Saint, Chicago and Psalm.