Several months after Adidas ended its partnership with rapper Kanye West, the company is releasing some of its Yeezy sneakers in an effort to sell off remaining inventory from its now-defunct partnership with West.
West, now known as Ye, partnered with Adidas for almost 10 years, until the athletic apparel and footwear brand ended its partnership with him in October 2022, halting the sale of West’s popular Yeezy sneakers due to his antisemitic remarks. According to The Wall Street Journal, the remaining inventory of Adidas Yeezy sneakers is worth more than $1 billion. Adidas’ website states that a portion of the sales from Yeezys will be donated to support organizations fighting racism and antisemitism.
Key Takeaways
- Kanye West has a net worth of $400 million as of May 2023, according to Forbes.
- West’s net worth dropped from $2 billion after Adidas and other companies cut ties with the rapper in 2022 after antisemetic comments and offensive behavior.
- The songs in West’s music catalog generate an estimated $13.25 million in publishing royalties each year, with West’s share earning him $5 million annually, according to Billboard.
- West also owns a 5% stake in his ex-wife Kim Kardashian’s shapewear brand, Skims, worth an estimated $128 million, according to Forbes.
In 2022, West had a net worth of $2 billion, according to Forbes, and was featured on their billionaires list. However, West’s net worth dropped to $400 million after Adidas cut ties with him—West’s deal with Adidas was valued at $1.5 billion and made up a majority of the rapper’s fortune, according to Forbes.
Clothing brand GAP and designer Balenciaga also ended their partnerships with West in 2022 due to his antisemitic and racist comments and behavior, according to Women’s Wear Daily. West was seen wearing a “White Lives Matter” T-shirt at Paris Fashion Week in 2022, according to People.
Music Catalog
The songs in West’s music catalog generate an estimated $13.25 million in publishing royalties each year, with West’s share earning him $5 million annually, according to Billboard. West released 12 studio albums in his career, and earned $31 million and $51 million from his Yeezus and Saint Pablo Tours, respectively, according to People.
Cash and Investments
West has an estimated $100 million in cash and liquid investments, according to Forbes. West also owns a 5% stake in his ex-wife Kim Kardashian’s shapewear brand, Skims, worth an estimated $128 million, according to Forbes. Kardashian’s Skims has a valuation of $3.2 billion as of January 2022, according to Bloomberg.
Real Estate
West has a real estate portfolio worth millions, and owns luxurious properties in California, Wyoming, and Belgium.
In 2020, West’s team told Forbes that the rapper owns $81 million in “buildings and improvements” and $21 million in land. West also owns two ranches in Wyoming, worth $14 million, according to Forbes.
While the $60 million Hidden Hills estate West shared with his ex-wife is now owned by Kardashian, West bought a $4.5 million home across the street from her in 2021, according to People. West also bought a beachfront property in 2021 for more than $57 million. However, according to reports by TMZ, the home has been gutted and is in the process of a full renovation that had not yet been completed as of last summer.
[ad_2]
Source link
