Kanye West is now the richest black man in American history as he is now worth $6.6 Billion.
Kanye West’s Yeezy and Gap Deal Reportedly Valued at Nearly $1 Billion
The 43-year-old rap mogul sneaker and clothing business — now bolstered by Adidas AG and Gap Inc. — is valued between $3.2 billion and $4.7 billion by UBS Group AG, according to Bloomberg. A report published by the outlet on Wednesday, March 17, revealed that West’s total estimate valuation has skyrocketed to $6.6 billion.
(Forbes previously declared West a billionaire in April 2020.) Kanye had an estimated worth of $1.3 billion thanks to his Yeezy empire. That figure was disputed by Kanye, who said he was worth more than $3 billion. Later that year, during an episode of Nick Cannon’s Cannon’s Class, Kanye claimed his net worth was $5 billion after the Gap deal. “So look, this year it was simple,” he said at the time, per Business Insider. “I was on the Bloomberg list…[and] they finally recognized that my net worth at that time was $3.3 billion. And then my net worth almost doubled after I did the Gap deal to $5 billion.”
Despite partnering with Adidas for the Yeezy brand, Kanye retains complete ownership and control. He signed a 10-year agreement to design and sell clothes under the Yeezy Gap label last year, although the deal excludes footwear. The current Yeezy partnership with Adidas will last until 2026.
The latest figures show that Gap is expecting the Yeezy Gap line to bring in $150 million in sales in 2022, although the plan is to launch by this July. Gap believes the collaboration will become a billion-dollar brand within eight years and could bring in $1 billion by 2023.
“I spoke to Yeezy last night and he’s very, very focused on this incredible opportunity,” said Gap’s CEO Sonia Syngal when providing an update on the line earlier this month.
Kanye has been showing off pieces from the collaboration as far back as July of last year. Yeezy Gap is expected to offer co-branded apparel for men, women, and children when it hits store shelves this year.