According to a private document reviewed by Bloomberg, Yeezy; Kanye West’s sneaker and apparel business with Adidas and GAP has been valued by UBS Group AG at US$3.2 to $4.7 billion. That would bring West’s total reported net worth to a staggering $6.6 billion, making him the richest Black man in United States history.
Kanye West’s personal net worth is interesting to note, as less than half a decade ago the rapper claimed to have been in $53 million in debt. This uptick can be attributed to the ongoing success of his Yeezy Adidas sneaker line, his music, as well as his investment in Kim Kardashian’s Skims label.
Fans have been eagerly awaiting West’s collaboration with GAP, since it was announced in 2020 that he would sign a 10-year agreement with the American retailer. Estimations state that the deal alone could be worth as much as $970 million for the rapper. At a time when stores across the globe are shutting down and footwear companies are struggling to maintain pre-pandemic profits, West’s success has been a sign of hope for GAP. Sales of Yeezy Adidas sneakers grew 31%, bringing it to a total of $1.7 billion annual revenue.
Expectations for the Yeezy GAP line are large, and that is to be expected. When the deal was announced, GAP shares went up the most they had done in at least 40 years. GAP looks forward to matching the expectations, hoping to break $150 million in its first full year of sales.
Personality and politics aside, West has been able to deliver on his business promises, making Yeezy sneakers both cool and readily available at the same time. The preview work we’ve seen so far with GAP offers Yeezy’s aesthetic at a much more affordable price point. The question is whether Yeezy x GAP will be able to live up to the billion dollar hype?
The Yeezy GAP line is set to launch by July 2021.