When Kanye West was featured on the cover of Forbes last summer, we didn’t call him a billionaire. As the year wore on, he protested publicly. “I showed them an $890 million receipt and they still didn’t say ‘billionaire,’” he told an industry panel
last summer, delving into his incredible success with Yeezy, he seemed pleased at first. His world-famous wife, Kim Kardashian West, evenher congratulations, to the positive affirmations of 32,300 of their closest Twitter friends.
Three things became clear from this exercise. First, it reinforces why we put him on the cover in the first place—West, in just a few years, has created a brand that’s challenging Nike’s Air Jordan for sneaker world supremacy. It’s one of the great retail stories of the century. Yeezy is a complicated asset. West owns 100% of it. But it’s functionally tied, at least for five-plus years based on the documents we saw, to Adidas, which produces, markets and distributes the shoes. There’s also a separate apparel division that we don’t believe makes money. Last year, our sources projected the shoes would finish 2019 with revenue north of $1.5 billion —per recent conversations and internal documents, we believe the final revenue number ended up closer to $1.3 billion.
like Royalty Exchange or in large private transactions, can be as low as three for something faddish like Cardi B’s “Bodak Yellow” to 17 for an evergreen asset like the Eddie Murphy filmA handful of experts surveyed felt West’s interest would fetch a multiple somewhere in the middle of that range, were it ever made available to outside investors.
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