Connect with us

Entrepreneurs

The Story Of The $3,000 Sneakers

Published

on

South African artist Conor McCreedy on creating what could be the world’s most expensive sneakers.


A literally stumbled upon a business opportunity.

The renowned South African artist, who only paints in blue,was one day at work in his studio, in a 600-year-old, four-storeyed building in Zurich, when he accidentally spilled some of the monochromatic pigment on to his white sneakers.

Who knew it would lead to a designer line of expensive sneakers.

The artist, resident in Switzerland since 2014, now sells the limited edition sneakers for $3,000 a pair. 

What helped that day was that the painting accident was shortly before a meeting with an art collector.

“This art dealer wanted some work for a private collection.I couldn’t get time to put my shoes on, so I went in my sneakers, and this guy just loved them… He opened up to me and said he likes the idea. ‘Try and take it further’, he said to me,” says McCreedy to FORBES AFRICA, on the phone from Switzerland.

Artist Conor McCreedy. Picture: Supplied

After spending four months finalizing the collaboration with an established shoe company, Ludwig Reiter, the concept sprung to life.

A regular pair of their white sneakers sells for $685, but with a splash of McCreedy, it costs almost five times more.   

“A lot of people can put paint on sneakers. We are not reinventing the world but putting the McCreedy blue on to a sneaker. It has a value chain,” he says.

Even before its launch mid-November, nine of the 200 limited edition sneakers had been sold to collectors from around the world.

“I love when people say that the splash looks like a kid’s.I actually like that, it has taken me 30 years to create that splash, that is a great story,” says McCreedy.

He adds the handcrafted sneaker will not only appeal to art lovers who are looking to collect, but even corporate titans and banking CEOs,and the uber-chic would want to wear it at cultural festivals.

In Switzerland, ultra-networth and high-networth-individuals are his customers.

“The beautiful part is that the sneakers are backed by my art, and compared to the art, they are relatively cheap,” says McCreedy.

Artist Conor McCreedy converted an old bank building into his studio and atelier in Zurich. Picture: Supplied

The tranquillity and stability the artist associates with the color blue led to the creation of his own pigment known as ‘McCreedy blue’.

McCreedy has used it to create most of his paintings since 2011.

But building a career through art requires more than just mixing color on canvas.

“Art is always considered a luxury; don’t let anyone fool you when they say it is not luxurious. People don’t just buy art, it is a luxury creation… If Picasso was alive today, he would probably have his own app,” he says.

His art inspired him to create products, from candles to a coffee blend on sale on the ground floor of his studio.

The space is curated so it’s an alluring odyssey for customers.

White walls are adorned with original McCreedy blue paintings, showcasing the artist’s work for prospective buyers, collectors and dealers.

The ‘Essence of McCreedy blue’ forms part of the luxurious elements the artist wants to reinstate in the art world.

It took the artist three years in Zurich, one of the global centers for banking and finance, to convert an old bank building into an atelier and studio. “It’s showing how people view the world through the eyes of an artist. It is about being part of the journey and the experience. It is about feeling what luxury is like,” he says.

Staying true to his African roots, McCreedy draws inspiration from Botswana, Nigeria and South Africa, which he expresses through abstract images.

“I love African and South African art. It is really stimulating for me and as a growing artist, I like to collect whatever I can afford. One day, I will create my own museum and show what I have from different parts of the world,” says McCreedy. Open to exploring more markets, McCreedy wishes to collaborate with African artists. He would not have it any other way.


Artist Conor McCreedy converted an old bank building into his studio and atelier in Zurich. Picture: Supplied

The world may present the artist with greater opportunities,but it cannot compete with the culture and the spirit of ubuntu [humanity]found in his country of birth, he explains.

“I miss good South African beer, I miss sitting on a Land Rover with no shirt on, drinking a beer. I miss the weather and the locals.”

But wherever McCreedy goes, he ensures his prized pair of sneakers is never too far away.

Entrepreneurs

Leaving Airplane Middle Seats Empty Could Cut Coronavirus Risk Almost In Half, A Study Says

Published

on

By

A new research paper from the Massachusetts Institute of Technology estimates that blocking out the middle seat on airplanes could cause the likelihood of passengers being infected with coronavirus to drop by nearly half, just as some airlines are starting to book flights to capacity again.

KEY FACTS

  • According to the MIT paper (which has not been peer reviewed) the chances of catching coronavirus from a nearby passenger on a full airplane when all coach seats are filled is about 1 in 4,300.
  • However, those odds drop to 1 in 7,700 when all the middle seats on board are left empty, the paper states.
  • Taking into account a 1% mortality rate according to the statistical model, the likelihood of dying from a coronavirus case contracted on a plane is far more likely than dying in a plane crash, which has odds of about 1 in 34 million, the paper stated. 
  • In “Covid-19 Risk Among Airline Passengers: Should the Middle Seat Stay Empty?” the author of the study, Arnold Barnett, wrote that his analysis aims to be “a rough approximation” of the risks involved in flying during the coronavirus pandemic.
  • “The airlines are setting their own policies but the airlines and the public should know about the risk implications of their choices,” Barnett told ZDNet this week.
  • The paper comes just as more flight carriers, like American Airlines, begin booking flights to full capacity despite surges of the virus across the country. 

KEY BACKGROUND

The coronavirus pandemic has been disastrous for the travel industry, and has especially hurt airlines. Major American carriers including American, Delta and United have asked employees to take buyouts and early retirement, Forbes reported, in a bid to cut costs as the pandemic causes them to bleed cash. United Airlines warned this week that it could be forced to furlough 36,000 jobs, or nearly half of its American workers, starting in October if travel doesn’t pick up. In April, the airline estimated that in the first quarter it lost $2.1 billion pre-tax, Forbes reported, and was losing $100 million a day in the last half of March. Boeing CEO Dave Calhoun said in May he expects a major airline to go out of business in 2020 as a result of pandemic pressure.

NEWS PEG

American Airlines announced two weeks ago it would begin booking middle seats again starting in July, although the carrier will allow passengers to switch from a full flight without any extra cost, Forbes reported. United is also selling tickets for middle seats. American Airlines took flak earlier this month when Sen. Jeff Merkley (D-Ore.) tweeted a picture of his crowded flight

WHAT TO WATCH

If airlines continue to extend their policy of keeping middle seats blocked off or if they’ll be forced to book to capacity to turn a profit. Southwest and Delta have both committed to keeping their middle seats blocked off until at least the end of September, while JetBlue will do the same through July, according to the Washington Post.

Carlie Porterfield, Forbes Staff, Business

Continue Reading

Entrepreneurs

From The Arab World To Africa

Published

on

Sheikha Hend Faisal Al Qassimi; image supplied

In this exclusive interview with FORBES AFRICA, successful Dubai-based Emirati businesswoman, author and artist, Sheikha Hend Faisal Al Qassimi, shares some interesting insights on fashion, the future, and feminism in a shared world.

Sheikha Hend Faisal Al Qassimi wears many hats, as an artist, architect, author, entrepreneur and philanthropist based in the United Arab Emirates (UAE). She currently serves as the CEO of Paris London New York Events & Publishing (PLNY), that includes a magazine and a fashion house.

She runs Velvet Magazine, a luxury lifestyle publication in the Gulf founded in 2010 that showcases the diversity of the region home to several nationalities from around the world.

In this recent FORBES AFRICA interview, Hend, as she would want us to call her, speaks about the future of publishing, investing in intelligent content, and learning to be a part of the disruption around you.

As an entrepreneur too and the designer behind House of Hend, a luxury ready-to-wear line that showcases exquisite abayas, evening gowns and contemporary wear, her designs have been showcased in fashion shows across the world.

The Middle East is known for retail, but not typically, as a fashion hub in the same league as Paris, New York or Milan. Yet, she has changed the narrative of fashion in the region. “I have approached the world of fashion with what the customer wants,” says Hend. In this interview, she also extols African fashion talent and dwells on her own sartorial plans for the African continent.

In September, in Downtown Dubai, she is scheduled to open The Flower Café. Also an artist using creative expression meaningfully, she says it’s important to be “a role model of realism”.

She is also the author of The Black Book of Arabia, described as a collection of true stories from the Arab community offering a real glimpse into the lives of men and women across the Gulf Cooperation Council region.

In this interview, she also expounds on her home, Sharjah, one of the seven emirates in the UAE and the region’s educational hub. “A number of successful entrepreneurs have started in this culturally-rich emirate that’s home to 30 museums,” she concludes. 

Continue Reading

Entertainment

Kim Kardashian West Is Worth $900 Million After Agreeing To Sell A Stake In Her Cosmetics Firm To Coty

Published

on

By

In what will be the second major Kardashian cashout in a year, Kim Kardashian West is selling a 20% stake in her cosmetics company KKW Beauty to beauty giant Coty COTY for $200 million. The deal—announced today—values KKW Beauty at $1 billion, making Kardashian West worth about $900 million, according to Forbes’estimates.

The acquisition, which is set to close in early 2021, will leave Kardashian West the majority owner of KKW Beauty, with an estimated 72% stake in the company, which is known for its color cosmetics like contouring creams and highlighters. Forbes estimates that her mother, Kris Jenner, owns 8% of the business. (Neither Kardashian West nor Kris Jenner have responded to a request for comment about their stakes.) According to Coty, she’ll remain responsible for creative efforts while Coty will focus on expanding product development outside the realm of color cosmetics.

Earlier this year, Kardashian West’s half-sister, Kylie Jenner, also inked a big deal with Coty, when she sold it 51% of her Kylie Cosmetics at a valuation of $1.2 billion. The deal left Jenner with a net worth of just under $900 million. Both Kylie Cosmetics and KKW Beauty are among a number of brands, including Anastasia Beverly Hills, Huda Beauty and Glossier, that have received sky-high valuations thanks to their social-media-friendly marketing. 

“Kim is a true modern-day global icon,” said Coty chairman and CEO Peter Harf in a statement. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”

The deal comes just days after Seed Beauty, which develops, manufactures and ships both KKW Beauty and Kylie Cosmetics, won a temporary injunction against KKW Beauty, hoping to prevent it from sharing trade secrets with Coty, which also owns brands like CoverGirl, Sally Hansen and Rimmel. On June 19, Seed filed a lawsuit against KKW Beauty seeking protection of its trade secrets ahead of an expected deal between Coty and KKW Beauty. The temporary order, granted on June 26, lasts until August 21 and forbids KKW Beauty from disclosing details related to the Seed-KKW relationship, including “the terms of those agreements, information about license use, marketing obligations, product launch and distribution, revenue sharing, intellectual property ownership, specifications, ingredients, formulas, plans and other information about Seed products.”

Coty has struggled in recent years, with Wall Street insisting it routinely overpays for acquisitions and has failed to keep up with contemporary beauty trends. The coronavirus pandemic has also hit the 116-year-old company hard. Since the beginning of the year, Coty’s stock price has fallen nearly 60%. The company, which had $8.6 billion in revenues in the year through June 2019, now sports a $3.3 billion market capitalization. By striking deals with companies like KKW Beauty and Kylie Cosmetics, Coty is hoping to refresh its image and appeal to younger consumers.

Kardashian West founded KKW Beauty in 2017, after successfully collaborating with Kylie Cosmetics on a set of lip kits. Like her half-sister, Kardashian West first launched online only, but later moved into Ulta stores in October 2019, helping her generate estimated revenues of $100 million last year. KKW Beauty is one of several business ventures for Kardashian West: She continues to appear on her family’s reality show, Keeping Up with the Kardashians, sells her own line of shapewear called Skims and promotes her mobile game, Kim Kardashian Hollywood. Her husband, Kanye West, recently announced a deal to sell a line of his Yeezy apparel in Gap stores.

“This is fun for me. Now I’m coming up with Kimojis and the app and all these other ideas,” Kardashian West told Forbesof her various business ventures in 2016. “I don’t see myself stopping.”

Madeline Berg, Forbes Staff, Hollywood & Entertainment

Continue Reading

Trending