Kanye West officially became a billionaire last year, and now, according to Bloomberg, he’s a billionaire six times over. The 43-year-old rapper turned fashion and athletic shoe mogul is now worth $6.6 billion.
The vast majority of West’s wealth is tied up in his apparel businesses: The combined value of West’s Yeezy sneaker partnership with Adidas and his clothing line with the Gap is worth a combined $3.2 billion to $4.7 billion, according to a UBS report published in February.
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West has an additional $1.7 billion in other assets, including a major investment in his estranged wife Kim Kardashian’s Skims shapewear line. His music catalog is worth $110 million, and he holds $122 million in cash and stock, according to Bloomberg.
Gap and West announced their 10-year partnership last June — an unveiling that initially caused the apparel maker’s stock to soar nearly 19% on June 26 before leveling out weeks later.
Gap executives have placed a lot of trust in West to help make them more relevant with younger shoppers. The San Francisco-based retailer, which also owns Old Navy, Banana Republic and Athleta, has been closing stores while putting money into e-commerce and activewear. “Without some form of reinvention it will revert to previous struggles, which saw it lose shoppers, market share and sales,” Neil Saunders, an analyst at GlobalData Retail, said after Gap’s latest quarterly earnings.
Investors instantly recognized the significance of a West collaboration, sending shares up the most in at least 40 years when the deal was announced in June.
Adidas, meanwhile, expanded its partnership with Ye in 2016 after a successful multi-year run with his Yeezy sneaker line. The German sports apparel company called its deal with West “the most significant partnership ever created between a non-athlete and an athletic brand.” West’s high-end athletic shoes routinely sell out within minutes of going on sale online.
West also filed for a trademark for a Yeezy beauty line last June. Forbes reported West’s net worth had reached $1.3 billion last April.
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