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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.

Go deeper

Ben Geman, author of Generate
Jul 31, 2020 - Energy & Environment

U.S. oil giants Exxon and Chevron post big losses

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.

Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
Jul 30, 2020 - Economy & Business

Facebook beats Wall Street estimates despite pandemic and boycott

Photo: Thomas Trutschel/Photothek via Getty Images

Facebook's stock was up more than 6% in after-hours trading on Thursday, after the tech giant reported strong revenue growth, despite a global ad slowdown due to the pandemic and a growing advertiser boycott.

Why it matters: Facebook's ability to beat top and bottom line revenue expectations amid the coronavirus crisis and the boycott speaks to the strength of the company's appeal to marketers despite serious challenges.

Go deeper (1 min. read)Arrow
Ben Geman, author of Generate
28 mins ago - Energy & Environment

Higher education expands its climate push

Illustration: Aïda Amer/Axios

New or expanded climate initiatives are popping up at several universities, a sign of the topic's rising prominence and recognition of the threats and opportunities it creates.

Why it matters: Climate and clean energy initiatives at colleges and universities are nothing new, but it shows expanded an campus focus as the effects of climate change are becoming increasingly apparent, and the world is nowhere near the steep emissions cuts that scientists say are needed to hold future warming in check.

Go deeper (1 min. read)Arrow