Kanye West is still reeling from major setbacks after losing partnerships with his Yeezy brand but that has not deterred him from gearing up for a comeback. The music producer, artist and entrepreneur is busy establishing a headquarters and building a team for the relaunch of the brand on a much smaller budget.
“Although Kanye is determined to bounce back with Yeezy, and work is going on at his new HQ on Melrose, he’s already been cutting costs,” a source told The U.S. Sun. “It’s no secret he’s been bad with money in the past, and some people who have been working for him have been let go in recent weeks, or told he can’t afford them at the moment.”
Dropped By Brands
West, who was once one of the richest Black people in America, lost a chunk of his wealth from his anti-Semitic remarks in September 2022. According to Bloomberg, his partnerships with Adidas and Gap were worth between $3.2 billion and $4.7 billion.
When Adidas ended their partnership, it caused West’s billionaire net worth to drop to an estimated $400 million. West also parted ways with brands such as GAP and Balenciaga.
However, West owns the Yeezy brand, making it possible for him to relaunch the brand independently.
New Office, New Brand, New Leadership and Tighter Budget
West recently rented headquarters for the Yeezy offices on Melrose Avenue in Hollywood. His new wife, Bianca Censori, is reportedly helping with reimagining the brand and West has also hired Dov Charney, a founder of American Apparel, to manage the finances and operations of the brand.
And while West has more than likely spent a pretty penny hiring Charney, he is measuring his spending on other facets of the brand.
According to RadarOnline, West has advertised for interns on Craigslist. The willing interns will have to comply with a stream of duties and demands to work with the Yeezy brand.
“He has been advertising for interns to work for him on Craigslist and social media for $16 per hour,” the source told The U.S. Sun. “He wants them doing everything from pattern making and sample sewing to photo editing and social media.”
“There have been jokes that the only experienced person is the chef who cooks them all sushi for lunch,” the source told U.S. Sun. “But he’s not bringing in anyone else with a stacked CV at the moment, which many worry may hurt him in the future.”