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Billionaire Kanye West’s New Yeezy Shoes Sold Out in Under 60 Seconds
Kanye West released his new Yeezy shoes on Saturday, March 6th at 7 a.m. According to TMZ, the Yeezy 450 in Cloud Whites sold out by 7:01 a.m.
The shoes were available on YeezySupply.com and Adidas app. Sources say that the shoes had a retail value of $200. Now, people are selling the shoes for double the retail value.
How Kanye Built the Yeezy Empire
Kanye is still the master of the shoe game. It’s the reason he was declared a billionaire by Forbes in 2020. Most of Kanye’s billion-dollar fortune comes from the success of the Yeezy brand.
It all started in 2009. The first Nike Air Yeezy was launched. Although the design process was extensive, the shoes were a huge hit and attracted many buyers. Then, Kanye partnered with Louis Vuitton to release a premium collection of shoes. The collection was successful, selling for at least $1,000 for each pair. In 2012, Nike released the Air Yeezy which featured more of an animalistic design theme and references to Egyptian culture.
In 2013, Kanye signed a $10 million deal with Adidas. The contract provided Kanye with more freedom and flexibility, providing him with more creative control and profits.
In 2018, Kanye tweeted this message to his fans: “Try to avoid any contractual situation where you are held back from your ideas.”
According to Bloomberg, the Adidas partnership allows Kanye to maintain creative control over design. Adidas manages the fulfillment and production. The agreement lasts until 2021.
The Cost of Success in the Fashion Industry
Despite the success of the Yeezy brand, Kanye has had to tackle debt on his journey. The fashion entrepreneur has not shied away from talking about the upfront costs required to pursue his dreams. In 2015, Kanye shared with BET that his goals in the fashion industry put him in $16 million worth of debt.
“I was trying to play a sport that’s a billionaire sport. It’s not a millionaire sport and I’m proud of the debt,” Kanye told BET. “I don’t care about somebody’s Ghost (Phantom) or somebody’s house. I care about my vision.”
Now, Kanye can enjoy more of the fruits of his vision. Forbes has recognized Kanye as hip-hop’s second billionaire.