Kanye West recently announced through social media that he is currently in personal debt of $53 million. In a series of tweets
found on the singer-designer’s twitter page, Kanye attributes his debt to following his dreams in the fashion industry.
The fashion industry is admittedly a tough one, especially for artists who have to split their time between their own productions and business endeavors. The expenses of production, sales, buying, marketing and setting up a plan to manage logistics as well as setting up infrastructure to scale the product and set up the show in which the new fashion can be shown run into the six figures — with no guarantee of success.
Although a wildly successful rapper, Kanye is no stranger to failure. His failed attempt
at a high-end women’s-wear line called Kanye West alone is suspected of having put him in a debt of $30 million.
On the other hand, Kanye’s debt does not appear to be a cause for real financial concern. West may be seeking funding for his creative projects through bank loans or venture partners — a technique that may allow some to go bankrupt while remaining billionaires.
Whatever the true situation may be, we advise Kanye West to seek better counseling in the future and we would like to offer him a first-time customer discount if he were to need legal advice.
See Kanye’s latest:
Disclaimer: Please note that the information contained within this blog post and site is offered simply as a consideration to visitors who are in the entertainment industry and are seeking to learn more about various areas of entertainment, be it in film, movies, television, music, digital, new media, film financing, merchandising and/or branding. As such, the information so provided should never be construed as legal advice. If you need further assistance or legal advice for your specific matter, please do not hesitate in contacting an entertainment attorney (film, music, digital, licensing, financing) here in Los Angeles, California at The Hollywood Lawyer by(1) emailing us at firstname.lastname@example.org; (2) calling us at (323) 300-4184; or (3) filling out our online form. www.thehollywoodlawyer.com.