Apr 24, 2020 - Economy & Business

Kanye West's shoe brand Yeezy sees up to $3 billion valuation

Kanye West. Photo: Taylor Hill/FilmMagic

Entertainer Kanye West's sneaker company, Yeezy, was valued around $3 billion, according to a Bank of America document from 2019 reviewed by Bloomberg.

By the numbers: West was in debt four years ago after pouring money into the brand, which he maintains as sole owner. The valuation of "future royalties generated in the footwear category is estimated from $1.75 billion to $3 billion” in 2019, per the bank’s preliminary analysis prepared last September.

Yes, but: Bank of America valued the company before the coronavirus pandemic devastated the fashion industry and the broader economy.

U.S. apparel, accessory and shoe sales for April are projected to fall 79% year over year, according to Forrester Research.

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Rebecca Falconer

Updated 46 mins ago - Politics & Policy

Updates: George Floyd protests continue past curfews

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Even with early curfews in New York City and Washington, D.C., protesters are still out en masse. Some protesters in D.C. said they were galvanized by President Trump's photo op in front of St. John's Church on Monday and threat to deploy U.S. troops in the rest of country if violence isn't quelled, NBC News reports.

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Alayna Treene

Updated 56 mins ago - Politics & Policy

Trump backs off push to federalize forces against riots

Photo: Brendan Smialowski /AFP via Getty Images

A day after threatening to federalize forces to snuff out riots across the country, the president appears to be backing off the idea of invoking the Insurrection Act, sources familiar with his plans tell Axios.

What we're hearing: Aides say he hasn’t ruled out its use at some point, but that he's “pleased” with the way protests were handled last night (apart from in New York City, as he indicated on Twitter today) — and that for now he's satisfied with leaving the crackdown to states through local law enforcement and the National Guard.

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Erica Pandey

1 hour ago - Economy & Business

What we expect from our bosses

Illustration: Eniola Odetunde/Axios

Workers — especially millennials and Gen Zers — are paying close attention to the words and actions of their employers during national crises, such as the protests following the killing of George Floyd in police custody.

Why it matters: American companies have an enormous amount of wealth and influence that they can put toward effecting change, and CEOs have the potential to fill the leadership vacuum left by government inaction. More and more rank-and-file employees expect their bosses to do something with that money and power.

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