Kanye West’s sneaker Yeezy 450 triples in price to sale at Ksh.77k
Kanye West’s latest sneaker drop, Yeezy 450 has tripled in price to resale at Ksh.76,755 in release platforms such as E-bay. The Yeezy 450 that was dropped on March 6, was originally retailing at Ksh.21,930.
The rapper, producer and now fashion entrepreneur dropped the Yeezy 450 series at 7am on Saturday.
The sneakers sold out in a record 60 seconds setting new record for the Yeezy shoe line which he produces in collaboration with Adidas. The unconventional shoe went out of stock on the Adidas app.
The Yeezy 450s, which boast an alien-like silhouette, went on sale in Cloud White some months after they garnered attention from trainer lovers far and wide when Kanye wore them in Paris last year.
West first teased the sneakers on social media during summer 2018 with sketches alluding to its controversial design. The pair has also been spotted on several stylish celebrities including Gigi and Bella Hadid just weeks before their widespread release.
Sneaker culture, sports and hip hop have been a great influence in the selling of sneakers in the United States and world over. Kanye west boasts of his street style collection that has captured the eyes of young people across the world. Further sneaker heads rush to buy the shoes that are always dropped in limited numbers in order to have bragging rights both online and offline. Further, some buy the sneakers early in order to sale them at double or triple the price in a now growing sneaker resale market worldwide.
West over the last 9 years of making shoes has amerced a fortune. According to Forbes, revenue for the Yeezy sneaker line, now with Adidas, toped Ksh.164.5 billion in 2019, and West’s pre-tax income over the past 12 months came in at Ksh.16.4 billion.
Since moving the Yeezy line from Nike to Adidas in 2013, West has struck what Forbes calls an “unprecedented deal” for 15 percent royalty on wholesale, plus a marketing fee. For comparison, Michael Jordan is thought to get royalties around 5 per cent on the Air Jordan line, which does annual sales of about Ksh.328.95 billion.
Jordan is another brand of sneakers that has sold out in record time. In May 2020, Nike released a small supply of the Jordan 13 “Flint” sneaker online through its SNKRS app. The retro Jordan sold out in moments. Nike mirrored its “shock drop” approach for the Jordan 5 that released before Episodes 1 and 2. The limited supply of that sneaker sold out April 19, and the general release was gone in minutes.
On Feb. 27, the re-issued Yeezy QNTM BSKTBL “Quantum” model kicked off the series of new launches. They initially retailed for Ksh.27,412 shillings.
Next week, the “Covellite” Yeezy Boost 380, the “Sea Teal” Yeezy QNTM and the “Ash Pearl” Yeezy Boost 350 V2 are set to be available to the public. Their release dates are March 15, March 19 and March 20, respectively, with retail prices ranging between 220 dollars and 250 dollars.
On March 26, the Yeezy Foam RNNR is set to release in the “Sand” and “MXT Moon Gray” colorways for Ksh.8,772 followed by March 27, when the Yeezy 700 V3 “Kyanite” will be available to the public for Ksh.24,123 shillings.
Despite being met with wide criticism and ridicule when West first was spotted wearing the oddly shaped sneakers on the streets of Paris during Fashion Week, the Yeezy brand remains in high-demand.