Just in case you missed it, Kanye West, sent everyone into a crazy spin over his statement when he announced on Twitter that he has $53 million in personal debt. All because he was following his dream by going into the fashion industry.
The fashion industry is brutal and Kanye has learned the hard way. With humongous upfront cost and little profit to start our with until you can make a name for yourself, obviously him being a icon as a rapper did not do him justice this time. Even though his designs were growing in popularity, he was not able keep the profits growing. After half a year of trying to get one of his labels of the ground, Pastelle, and after putting his musical career on hold, his line of high end women’s fashion has come to a halt. It didn’t even make into the stores. This has put him into debt of over $30 million dollars.
He has also moved over to trying to get a line with Adidas, after having a bad go with Nike. He has stated that he never received any profit from the shoes that he created with them. With Adidas he has been in three fashion shows that have sold out, but he still went $16 million in debt with that trying to get noticed.
I am not sure why famous people of a certain caliber try to take on things that seem way out of their league. There are so many people that think just because they are famous they are able to get consumers to follow them blindly. They do no research on what consumers are looking for they are banking on just their popularity. Kanye has found this out the hard way. They also have no idea what goes into getting a line of clothing or shoes or any type of fashion for that matter off the ground. They have of these grand ideas but have no expertise to execute them
So many actors and music artist have the money to go into another business but do not have the right people. They do not make the right plans. They solely base the business on who they are and not what they are going to be producing. Kanye is not the only famous person to fall victim to the fashion industry. Many celebrities have tried to get into the fashion world have failed miserably. No one realizes what it takes, all the cost of fashion shows, five year plans, ten year plans and so much more are needed to make this work. They surround themselves with yes man and fans and not many people that actually know what they are doing. Probably because those types of people will give them answers they don’t want to hear.
With how much money Kanye brings in with all of his tours and albums, I doubt that this debt is going to hurt him in the long run. These statements that he has put out on social media may have even been a sales pitch to bring in different investors. Let’s be honest here, Kanye West is super popular and I do not believe that we have heard of the last of him with this debt, he is going no where fast.