A deal about legacy and “more than just about the shoe”.
It was announced on Tuesday that rapper Cassper Nyovest (Refiloe Phoolo) and Drip sneakers had sealed a big deal. A R100 million deal to be exact.
The partnership was announced in Johannesburg, in a video posted by Cassper, showed him with Drip founder Lekau Sehoana. They inked the deal on top of the Leonard building in Sandton. Drip said the deal includes a series of products under its new wing, The Root of Fame with Cassper.
“This partnership goes beyond music and sneakers, it’s a showcase of Black excellence through the power of collaboration,” they said.
— Don Billiato (@casspernyovest) June 9, 2021
Understanding Cassper’s R100 million Drip deal
Fellow hip hop star who arranded the announcement Slikour, said the deal between Drip Footwear and Family Tree (Cassper’s music label) was for R100 million.
Many questions about how this valuation was made began to be asked on social media.
If the sneaker brand is actually worth R100 million, what does the deal entail, is this an investment, partnership or endorsement?
Slikour On Life reported the figure, adding that Cassper invited his accountant to the “special occasion”. No further details have been given by both parties. The Citizen reached out for further comment and is waiting for a response.
This didn’t stop tweeps from having their say on what they thought the nitty gritties of the deal were.
From my observation seems like they will source funding. Then using the network of stores, they will sell collabo merchandise and leveraging the others status in the entertainment industry they will partner on endorsement deals. Target margins for all thise things is R100 mill.
— Thabo Maubane (@Thabo_Maubane) June 8, 2021
Hhayi be realistic bro. Drip is not worth a 100 million. This is probably a projection on how much Cass is to make from the deal. Not that he signed 100 million on the spot.
— ModernDay Laqhasha (@uKilla_K) June 8, 2021
No one said drip worth 100 million or what, you guys are too forward and you don’t understand this deal..stay tuned later on..cassper will announce what this deal is all about
— The boy loves cassper (@TjaleMohau) June 8, 2021
I genuinely can’t believe the South African audience believe Cassper has signed a R100million deal with DRIP.
Are you guys being for real …Adidas and Nike SA wouldn’t offer that amount to Siya Kolisi & you think Drip has the capacity to offer #R100m to a RAPPER? Imagine!!!
— Lwanda Bakhokele Bana (@lebron_griffin) June 8, 2021