Windhoek – South African music man Cassper Nyovest has entered a R100 million venture with Drip Footwear founder and director Lekau Sehoana to promote the footwear brand.
Signed under Nyovest’s Family Tree company, the “Legacy Deal” will hype soon-to-be released merchandise at Drip’s stores countrywide.
Announcing the partnership in Johannesburg last week, Nyovest said: “We are getting into a partnership with a new brand. It’s something separate but it’s under Drip. It involves products, it involves equity, it involves a lot of things. I’m not buying shares at Drip and he’s not buying shares at my company. We are getting into a very fruitful partnership.”
Drip’s Sehoana said the venture was based on product sales.
“It’s just a product and we signed a contract worth R100 million for the products. If it’s a sneaker or a T shirt worth R2,000 we are going to make ones that are worth R100 million. Up until that particular term ends. So that is how much it comes to R100 million.
“If one Drip is R1,000 then we are going to manufacture 100,000 Drips and that makes R100 million. So the deal itself is worth R100 million, not to say by the end of the term Cassper would have made R100 million,” Sehoana clarified.
Prior to the announcement, Nyovest said he was about to unveil the biggest deal of his career.
“I saw (Sehoana’s) shoe and then I hit him up and said I liked his shoe. I wanted to buy the shoe and then he came over to the studio. I was still working on my fourth album.
“And then he came to the studio with a couple of shoes. Immediately, being a businessman, I was like man we should make a shoe. That’s how the relationship started. From there we became actual friends and started talking about business in general,” Nyovest added.
The artist already has an eponymous clothing brand, in which he is a co-designer.
Nyovest is getting ready to release a new album titled Short and Sweet 2.0, and an amapiano-infused single, “Siyathandana”, which features Boohle and Abidoza from the project already out.The album is a follow-up to the platinum-selling Sweet and Short, released in 2018.