This Is Why Kanye Is $53 Million In Debt Kanye West’s recent revelation that he’s in $53 Million of Debt has caused something of a stir. The an**uncement, which came as part of the Twitter-pocalypse that is The Life of Pablo’s release cycle, has included pleas with Mark Zuckerberg, calls for positive thought, and a whole bunch of headscratching. How did Kanye accrue $53 Million in debt?Celebrity prayers aside, there are a lot of theories floating around. Most prominent is that Kanye’s all-Balmain-all-the-time approach to dressing Saint and **rth might be causing the financial difficulties. An investigation by i-D reveals that the rapper, producer, and designer is in Debt **t from flossing but from following his fashion dreams.Before you ask, Kim and Kanye keep their finances separate. So although Kim’s worth is around Kanye’s debt, she presumably has a financial manager keeping her assets hers.Kanye’s first footwear line came with Nike in 2008, the Air Yeezy, for $215. A collector offered $98,000 for an autographed pair of the Air Yeezy 2s, so the line could be called at least somewhat of a success.And it’s **t as though his albums have been at all unsuccessful. His Yeezus tour reportedly cleared $1 Million a show, and Forbes estimates that he’s made $72 Million (before taxes) over the last three years. But fashion is a rich man’s game.He abandoned two ventures between 2009 and 2011. First Pastelle in 2009 and then a followup women’s wear line two years later, Vanity Fair writes. His collection with A.P.C seemed to be less financially stressful, but he then put $30 Million of his own money into making his dreams a reality. That collection went ok — well e**ugh that I saw him at an A.P.C party a few years later in Los Angeles — but things really seemed on the right track when he partnered with Adidas. That team up included creative control and a commensurate measure of the profits. That is the Yeezy Season collection that we all k**w and love, but again Kanye couldn’t help but drop in $16 Million on the first season alone. Though the results seem mixed-to-positive, the degree of control he exerts means that he needs more than just Austin Swift to buy a pair of Boosts, even if just to drop them in the trash.Kanye has always been an eco**mically minded artist. His efforts on The College Dropout are tales of people struggling against a system designed to keep young black people down. Whether it’s a woman naming her daughter Alexis because she can’t afford a car, or a song’s narrator being pushed to the front of the GAP to sell merch to black people, or “spending everything on Alexander Wang,†Kanye is well-acquainted with the financial realities of fashion. While he may be down **w, we wouldn’t count on someone with his work ethic and vision to stay down long. **w if only he could stay off Twitter.If, for some reason, you want to help, you can donate and add to the $6,800 of an asked-for $53 Million on This GoFundMe.
02-21-2016, 10:10 AM
This Is Why Kanye Is $53 Million In Debt
Kanye West’s recent revelation that he’s in $53 Million of Debt has caused something of a stir. The an**uncement, which came as part of the Twitter-pocalypse that is The Life of Pablo’s release cycle, has included pleas with Mark Zuckerberg, calls for positive thought, and a whole bunch of headscratching. How did Kanye accrue $53 Million in debt?Celebrity prayers aside, there are a lot of theories floating around. Most prominent is that Kanye’s all-Balmain-all-the-time approach to dressing Saint and **rth might be causing the financial difficulties. An investigation by i-D reveals that the rapper, producer, and designer is in Debt **t from flossing but from following his fashion dreams.Before you ask, Kim and Kanye keep their finances separate. So although Kim’s worth is around Kanye’s debt, she presumably has a financial manager keeping her assets hers.Kanye’s first footwear line came with Nike in 2008, the Air Yeezy, for $215. A collector offered $98,000 for an autographed pair of the Air Yeezy 2s, so the line could be called at least somewhat of a success.And it’s **t as though his albums have been at all unsuccessful. His Yeezus tour reportedly cleared $1 Million a show, and Forbes estimates that he’s made $72 Million (before taxes) over the last three years. But fashion is a rich man’s game.He abandoned two ventures between 2009 and 2011. First Pastelle in 2009 and then a followup women’s wear line two years later, Vanity Fair writes. His collection with A.P.C seemed to be less financially stressful, but he then put $30 Million of his own money into making his dreams a reality. That collection went ok — well e**ugh that I saw him at an A.P.C party a few years later in Los Angeles — but things really seemed on the right track when he partnered with Adidas. That team up included creative control and a commensurate measure of the profits. That is the Yeezy Season collection that we all k**w and love, but again Kanye couldn’t help but drop in $16 Million on the first season alone. Though the results seem mixed-to-positive, the degree of control he exerts means that he needs more than just Austin Swift to buy a pair of Boosts, even if just to drop them in the trash.Kanye has always been an eco**mically minded artist. His efforts on The College Dropout are tales of people struggling against a system designed to keep young black people down. Whether it’s a woman naming her daughter Alexis because she can’t afford a car, or a song’s narrator being pushed to the front of the GAP to sell merch to black people, or “spending everything on Alexander Wang,†Kanye is well-acquainted with the financial realities of fashion. While he may be down **w, we wouldn’t count on someone with his work ethic and vision to stay down long. **w if only he could stay off Twitter.If, for some reason, you want to help, you can donate and add to the $6,800 of an asked-for $53 Million on This GoFundMe.
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