a blog by Big Red
While commentators were perplexed by his lack of frugality, or surprising surplus of modesty, the over-leveraged rap icon’s state of affairs is a reflection of the brutally difficult fashion business—an industry that requires significant upfront costs and can promise little in return. Despite a growing popular appreciation of his designs, West has learned the realities of the industry the hard way. In 2009, he put all of his musical endeavors aside to work on his label, Pastelle—which then shuttered after seven months. Add to that however much it cost to create his line of G.O.O.D. merchandise, marketed to fans of his record label. He was chewed up and spit out for his attempt at a high-end women’s-wear line called Kanye West in 2011. The line never made it to stores. According to a 2013 interview with Jean Touitou, the founder of the French line A.P.C., which created capsule collections with West, the experiment put the rapper out $30 million.
His collaborations with Nike, on the wildly popular Nike Air Yeezy sneakers, did not stem the losses. West has said he was not given a percentage of the sales—a sticking point that eventually caused him to defect for what would appear to be a more lucrative deal and more creative license at Adidas, where he was able to expand into clothing and elaborate fashion shows at sold-out arenas three times in the span of one year. In his first “season,” West told BET he went $16 million in debt getting his line off the ground.
For starters, I don’t know how I didn’t hear about this until now. A few weeks back, Kanye tweeted that he is in 53 million worth of personal debt. He sounded like a whiny drunk girl asking for all the boys to help pick her up from the concrete bar floor. I feel like I’ve seen this before, I just can’t quite remember where.
The real question here is, how the fuck do you lose 53 million dollars??
Kanye is the biggest celebrity in this day and age, not to mention he can be seen with his wealthy ass porn star wife Kimmy K. He must have a financial team supporting him, so I ask them this question, HOW DID YOU LET KANYE WASTE 53 MILLION ON FASHION LINES?
The guy is a rapper for Christ sake. He might act like he knows fashion, but all the guy wears are ripped up clothes for crying out loud. So let’s dig into this the article specifically says he lost money on Pastelle, and then put more money into G.O.O.D. Merchandise, and neither one worked!! After two failed attempts at getting into the clothes and footwear game, why would you continue to try? You’re already a huge success in the music industry, why potentially risk losing more money on your “beautiful ideas”. When the lady at the disability day care calls your ideas beautiful I am sure this was not what she meant. We are all thinking the same thing, the only way to get out of this debt is to have your wife fuck ray j on a live stage. Go on tour, and hey Kanye you can be the opening act. How does that sound buddy? You can do whatever your beautiful little heart desires buddy. You could sell tickets for like 1,000 dollars a pop, and be out of that debt in no time. Hell I bet they sell out madison square garden for that shit.
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