He’s fresh off his 22nd Grammy win and tying the record for most awards by a hip hop artist, Kanye West is making headlines once again in a major way–to the tune of billions! According to new reports, Kanye West is apparently now worth $6.6 BILLION—easily making him the wealthiest Black man in American history, thanks to his incredibly popular Yeezy brand, and his previously announced Gap deal.
@Bloomberg reports that Kanye West is rolling in billions–but much more than he has in the past. Kanye’s crowd-pleasing sneaker and apparel brand Yeezy is now valued at $3.2 billion to $4.7 billion by UBS Group AG, according to a private document reviewed by Bloomberg. Ye’s huge partnership with Gap (set to officially arrive this summer) is also said to possibly be worth as much as $970 million of that multi-billion-dollar total.
The undisclosed document reportedly states that Kanye’s partnership with Gap is striving to achieve the same success that he created when he teamed up with Adidas to launch his Yeezy brand. You’ll recall that Kanye not only has sole ownership of his namesake brand—but he also signed a 10-year contract last year with Gap to design apparel underneath the Yeezy Gap label.
Meanwhile, his Adidas deal is firmly in place until 2026. Last year when his Gap deal was announced, company shares skyrocketed following the news. New estimates also suggest that Yeezy Gap could ring up $150 million in sales in its first year as Gap envisions that in less than 10 years, the Yeezy Gap brand will also be worth billions—with its first billion estimated by 2023. All of this information was reportedly included in the document viewed by Bloomberg.
Despite the pandemic financially hurting many retailers and brands all over the world, Yeezy sales actually rose 31% to almost $1.7 billion in revenue last year–and Kanye received $191 million in royalties from that, according to the document. Sales for Yeezy’s Adidas sneakers remained resilient through the pandemic, growing 31% to nearly $1.7 billion in annual revenue last year and netting Yeezy $191 million in royalties, according to the document.