African-American billionaire and leading musician Kanye West has seen his net worth increase by $200 million since 2021 thanks to the robust valuation of his Yeezy brand, a fast-growing brand that is setting the pace in today’s world of fashion.
West, a multi-industry creative entrepreneur who has disrupted retail with Yeezy, has risen quickly to become a force since launching his clothing line, including his Yeezy boost sneakers with Adidas, in February 2015.
According to data retrieved from the U.S. business magazine Forbes, West’s net worth has increased by more than $200 million since 2021, from $1.8 billion to $2 billion, making him one of the world’s 2,668 billionaires, worth a total of $12.7 trillion.
The increase in his net worth over the last year can be attributed to the revaluation of his fast-growing brand, Yeezy, which has been boosted by fashion industry partnerships with behemoths like Adidas, a German multinational sportswear manufacturer, and Gap, a U.S. clothing and accessories retailer.
West owns the entire Yeezy brand, which is valued at $2.9 billion. He also has a lucrative multi-year contract with Adidas to design the Yeezy sneaker brand.
In June 2020, the African-American billionaire signed a next-level retail partnership with Gap as part of a strategic move to create an apparel business dubbed Yeezy Gap, which will develop and deliver a new line of elevated basics for men, women, and kids at accessible price points.
West has released fashionable items under the partnership, including brightly colored hoodies in September 2021 and the first product, a blue puffy jacket, in June 2021. According to Gap, the hoodie brought in the most online sales in a single day in the company’s history.
The high-profit partnership, which many criticized as a win for Gap PR-wise but a question mark commercially, saw sales of Yeezy Gap clothing reach $1 billion in the first year.
In an effort to add value to Gap, West collaborated in January with luxury label Balenciaga on a Yeezy collection that will be available later this year.