The launch of Yeezy Season 3 broke all kinds of fashion
records: it was held at Madison Square Garden in front of 20,000
people (most of them paying for tickets), watched online by 20
million more, included 1200 extras dressed as Rwandan refugees, and
had as its soundtrack the first performance of Kanye's new
album. It overshadowed every other show of New York Fashion Week,
and pretty much broke the internet. But despite all this, Kanye
West is in a spot of financial bother.
Being the greatest artist of all time (his words, not ours) is
expensive. Allegedly funding the production of Yeezy's ranges
of derelicte inspired athleisure wear, a few other failed attempts
at launching his fashion career, producing his albums, and building
the Kimye mansion has found Kanye in $US53million of debt.
Intimidated by his mounting bills, Kanye has taken to Twitter to
resolve them. Here are his tips on getting out of financial
Ask Mark Zuckerberg for a billion dollars.
Use other people's money, not your own (that's what all
rich people do).
Ask your 19 million Twitter followers to pray for you.
Entirely practical as those are, here are our thoughts on
keeping in the black for the rest of us:
Negotiate the best trading terms you can.
Essentially this is delaying your obligations to pay suppliers and
manufacturers for as long as possible, and getting as much cash up
front as you can from your retailers and distributors. There will
always be a gap between when you have to pay the manufacturers and
when you get paid by the retailers, but the bigger this gap the
more likely you'll go under.
Don't over-extend. We appreciate that
getting a massive order from Net-a-Porter is thrilling, but you
will be dropped quicker than John Galliano post anti-Semitic rant
if you can't deliver. Make sure you have enough cash (or access
to it) to pay your manufacturers.
Choose manufacturers wisely. Delivering on
time is obviously critical, but also do your research into whether
your manufacturers will be able to deliver quality product, season
after season. It's also clever to have relationships with more
than one manufacturer, so you have a back up if your preferred one
drops the ball.
We do not disclaim anything about this article. We're
quite proud of it really.
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