Kanye Wests Yeezy got millions in federal small business loans – CBS News
Written by on July 6, 2020
Kanye West’s clothing and sneaker brand Yeezy received a loan from theworth between $2 million and $5 million, helping it save 106 jobs, according to data released by the U.S. Treasury Department on Monday.
Yeezy, best known for its $250 sneakers, just announced a major deal with Gap that will have the rap superstar designing hoodies and T-shirts that will be sold in the chain’s 1,100 stores around the world. A representative for Yeezy did not immediately respond to request for comment.
This weekend, West announced on Twitter that he was running for president.
Some other well-known fashion and retail names whose business was pummeled by store closings across the country also received the 1% loans that can be forgiven if worker-employment goals are met.
The list included high-end designers Oscar de la Renta and Vera Wang and suit maker Hickey Freeman, all of which got loans in the $2 million to $5 million range.
Untuckit, a shirt retailer with 85 locations, had two loans between $5 million and $10 million.
Iconix Brand Group, a publicly traded company that owns the Candie’s, Joe Boxer and Ed Hardy brands, received between $1 million and $2 million.
Retailers and manufacturers saw their revenue fall precipitously because of the shutdowns, and they were also left with a season’s worth of clothes they couldn’t sell.