Today’s blog is about the man, the myth, the self proclaimed legend and probably the future president of the United States of America (press X to doubt) Kanye West. We will delve deeper in particular to his brand Yeezy, his marketing strategies and the craze that surrounds it.
It seems like not a week goes by without seeing snippets of news regarding rapper Kanye West being published and going viral – even though much of it would appear to classify as pure controversy or even negative publicity. While many people may dislike the rapper because of his attitude, it would seem as though he has managed to master the art of using negative publicity in conjunction with plain and simple bad behavior to his advantage during his career by building the Kanye brand more and more each day. Having several ventures in his name apart from music which includes fashion, he has created a reputation for himself and his brand with an efficient marketing strategy which has made him a millionaire.
But as with Michael Jordan in the 1990s, the key to West’s wealth stems from sneakers. His Yeezy shoe line, which he launched with Nike in 2009 and then brought to Adidas in 2013, has the 34-year-old Jordan empire in its sights, in terms of both cultural clout and commercial prowess. The Jordan line does approximately $3 billion in annual sales; West’s upstart is expected to top $1.5 billion in 2019 and is growing.
The beginning of the Yeezy empire is rather confusing however to dumb it down a little, lets say Kanye had a falling out with Nike and decided to shift to Adidas. Back in 2013, Kanye West severed ties with Nike in favor of a $10 million deal with Adidas. In return for signing, Adidas offered Kanye West full creative control over the direction of Yeezy sneakers and a percentage of all royalties. Upon signing with Adidas Kanye said :
When it comes to Yeezy and Kanye’s fortune, the iconic Yeezy boost 350 will forever be the greatest selling product ever created. Some say that The yeezy boost 350 will forever be imprinted in the history of fashion and footwear. What makes the Yeezy Boost 350 so incredible is the fact that they look amazing with workout gear as well as with casuals, they are also incredibly comfortable. The Adidas Yeezy Boost was introduced in 2015 and hasn’t stopped selling since. These sneakers have become so popular that new drops typically sell out in under a minute. The Adidas Yeezy shoes come in 4 styles: the Yeezy Boost 750, Yeezy Boost 350, Yeezy Boost 350 v2, and the Yeezy Boost 950. And at the end of 2017, the Yeezy 700 saw the day of light. However, the Yeezy Boost 750 was the first Yeezy to ever drop from Adidas.
Kanye recently said:”It is the 2nd fastest growing company in history. It is a unicorn on its way to becoming a decacorn,”, using Silicon Valley buzz words which describe a business that is valued over $1 billion and over $10 billion. The fact that his extreme confidence and confusing antics have helped him become a household name bears testament to his incredible marketing genius. Let’s look at some of the key takeaways from Kanye’s marketing mindset: