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Kanye West Debt Problems

As they say, certain classes of people are never poor, just broke…

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Kanye West’s label Pastelle closed after seven months.  It costs a lot money to create, sew and sell clothes.  It is estimated that West’s clothing business experiment, G.O.O.D. cost him around $30,000,000.

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.

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The expenses related to production, sales, buying, marketing and setting up the infrastructure to manage the logistics of a fashion line are one thing, according to Jonathan Reed, C.E.O. of brand consultancy CS Global. But scaling the product and setting up a show is what really drives up the capital requirement.

Kanye West has a number of fundraising efforts in his name on gofundme.com.  Most of them focus on not supporting him financially, but encouraging him to never speak again.  Here’s one sympathetic fan, though, who is actually raising money for Kanye West.

Still, we doubt Kanye is missing many meals…

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Conspicuous consumption is always fascinating…

Kanye West’s partnership with Adidas went well financially.  He spent $16 million on the Yeezy Season collection.

 

Kanye West seems to have naivete about fundraising methods…

West is raising eyebrows for appealing to Facebook founder Mark Zuckerberg on Sunday to invest $1 billion “into Kanye West ideas” to alleviate his financial woes.

Kanye West still has a lot of artistic successes to his name:

The Life of Pablo,”  as seen on Saturday night after performing two songs on “Saturday Night Live” including the song “Ultralight Beam.”

But it’s never been easy for any of us.

As Kanye West has told us time and time again he is the “greatest living artist and greatest artist of all time”. Great artists need to be supported financially to achieve their full potential.

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To quote Mr. West, “I am Warhol. I am the number one most impactful artist of our generation. I am Shakespeare in the flesh. Walt Disney. Nike. Google. Now who’s gonna be the Medici family and stand up and let me create more!”

It’s a hustle worthy of Jim and Tammy Bakker.

WE MUST BE THE MEDICI FAMILY TO KANYE.

Indeed.

Kanye, welcome to the world of the “little people.”

If you need help with debt relief, debt settlement, bankruptcy, phone Axsmith Law LLC at (202) 285-5415.

 

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