Kanye west is poor.
Well, not really.
No, he didn't trade his Range Rover in for a rusted-out bike or move from Calabasas to Downtown LA, but the rapper-turned-fashion designer did announce that he is $53 million in debt via his Twitter this past Monday, Feb. 15.
Why is Kanye in debt? He’s a successful rapper with a huge fanbase, and he’s been the central focus of pop culture ever since putting a (giant) rock on Kim Kardashian West’s finger back in May of 2014.
Well, like all of us, Kanye had a dream.
No, it wasn’t to be a rapper, apparently, but instead to be a fashion designer. Kanye dreamt of being among the likes of his friends Olivier Rousteing, Riccardo Tisci and Helmut Lang, who are all creative directors of some of today’s trendiest fashion-houses.
So like any of us would, Kanye went after his dream and decided to launch his own fashion line. He partnered with Adidas to launch Yeezy Season 1, which was a questionable decision to say the least. If Kanye hoped to tap into the ultra-exclusive world of high-fashion, why the hell would he partner with Adidas? We can find that stuff on the racks of TJ Maxx.
To make things worse for Kanye, the fact that his high-ticket items aren't manufactured in Italy or France did not sit well with fashion influencers. At all. The expensive prices just don't match up with what Kanye is giving us, leading many to think, “Why am I paying $455 for an Adidas sweatshirt made in China?”
Kanye confessed that after Yeezy Season 1 launched, he was 16 million in debt, yet continued to go on to produce seasons two and three. The lines do sell, but the clothing just hasn't solidified itself as a staple piece in a fashion-lover’s wardrobe.
The incredibly successfully Yeezy Boosts however, have. The sneakers, produced by Adidas and designed by West, are the it sneakers for sneaker-heads, fashion bloggers, celebrities, rich kids and basically anyone lucky enough to get their hands on a pair.
Kanye’s collections aren't total failures by any means -- the shoes are impossible-to-obtain and many of the ready to wear pieces sell out quickly.
The fashion businesses is one of the toughest out there. Getting into the scene is harder than getting an invite to sit with the Plastics at lunch. And being taken seriously is harder than repairing your friendship with Regina after she found out that you totally sabotaged her all year.
The actuality of Kanye’s debt is difficult to determine. It's known that a lot of the money used to fund the production of the Yeezy lines came from bank loans -- instead of his own pocket -- which is probably where most of the debt accumulated. But with a profit of over one million dollars per concert and the recent drop of a new album, it's hard to believe that Kanye will be in any real financial trouble. Not to worry North, there won't be any shortage of fur coats or Range Rover rides for you!
