Engineer lower prices!
Ye (01:23:49):
Yes, I talked to Dimna. We’re Kendrick spirits. None of this can keep us away from each other. I brought Dimna to Gap to be able to bring the best product in the world. At that time, I wanted to go under $100. Now I’m like, okay, we’re going to go $20 a product. I brought Dimna in to engineer. That’s why I said engineer by Balenciaga, Yeezy Gap engineer by Balenciaga. To engineer the best product for the people. The people that they say are at the bottom of the Maslow hierarchy of need chart.
Gap
(01:24:24):
They’re at the bottom of the pyramid. Gap didn’t want that. Balenciaga didn’t want that. Our agendas were not aligned. I was brought in to the Gap for political reasons and influence. Like a Virgil, like a George Floyd. When popular celebrities are brought into Fortune 500 companies, it’s not to raise the stock. It’s to strengthen the position and influence.
Balenciaga paid Kanye nothing
Ye (01:26:16):
Zero. Zero. And actually, two weeks ago, I paid at a Saints account eight hundred and sixty two thousand dollars. Not in clothes for me from Balenciaga, from the store. In royalties to Balenciaga, where the deal had been engineered, where I was coming out of my pocket. So I paid, last year I paid Demna three million dollars to design the collection.
$5-10M on Balenciaga
Ye (01:25:26):
Well, that’s what I’m telling them. That relationship, you know, some relationships only last for a summer. Some last for a year. The relationship ran its course. In that relationship, I invested a lot of my social capital and actual capital. I spent somewhere between five to ten million dollars personally on Balenciaga. How much money do you think Balenciaga had paid me in the past two years? Just take a really wild guess, a really wild guess. Less than that? Just take a super wild one. Just go to the furthest extent of your imagination.
$3M to design —
So I paid, last year I paid Demna three million dollars to design the collection.
SKU stands for “Stock Keeping Unit.” It is a unique identifier for each distinct product and service that can be purchased. SKUs are used by retailers, warehouses, and manufacturers to track inventory, facilitate accurate stock levels, and manage ordering. They help in differentiating products by attributes such as brand, size, color, and type. For example, a red, medium-sized t-shirt of a particular brand will have a different SKU than a blue, small-sized t-shirt of the same brand. SKUs are crucial for inventory management, allowing businesses to efficiently monitor stock levels, optimize reordering processes, and analyze sales trends.
(01:26:43):
Right. And we got it out of the Gap marketing fund. And he was going to deliver a hundred sixty SKUs or a hundred twenty SKUs. A hundred SKUs are separate items of clothing. So, styles of clothing. So he ended up delivering about sixty. I feel like we’re on the people’s court because we actually are right in the court of public opinion. So he delivered about sixty. There were all kinds of people that were working. Part of the reason why I had to get Demna, like I didn’t want to have to, I wanted to compete with him.