The former NBA MVP isn’t waiting until retirement to start building an empire. With a team of billionaire advisors, the 14th-highest-paid athlete in the world is already scoring with his fashion brand, advertising agency and other lucrative investments. Next up, his un-sexiest business venture yet. “I want to be a billionaire,” he says. “Sooner than later.”
Only three athletes have achieved billionaire status according to Forbes-Michael Jordan, LeBron James and Tiger Woods-and Westbrook has made it only about a third of the way. Across 15 NBA seasons, he has earned more than $336 million in salary (before taxes and agent fees) and nearly $200 million from endorsements and other businesses off the court, according to Forbes estimates. This year, he is the 14th-highest-paid athlete in the world, having earned an estimated $82.1 million over the last 12 months. Those earnings make up the bulk of his net worth, which Forbes estimates to be $375 million. But the likely Hall of Famer has been making money moves for years.
His passion for fashion led him to start a streetwear brand in 2017, Honor The Gift. The label is now in more than 300 retail locations around the world and opened a flagship store in L.A. last fall. Revenue was a very modest $5.7 million last year, but sales were up 75% from 2021.
Like many sports stars, Westbrook has also been investing some of his earnings-he declines to say how much-into a variety of consumer industries, including food (Magic Spoon, Luvo, Pizzana), drinks (Flow, Poppi), muscle recovery (Hyperice) and social media (Triller). And an early interest in cars led him to acquire minority ownership stakes in five Southern California dealerships. “Since I’ve been in the league, I’ve been trying to find my niche,” he says.
But Westbrook is done dabbling. He sold his stakes in the auto dealerships in late 2022 for at least $15 million and is now building up his three-year-old Russell Westbrook Enterprises (RWE), which includes a recently launched digital advertising business called RW Digital that specializes in helping brands reach diverse audiences.
Read the full story on Forbes: www.forbes.com/sites/mattcrai...
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13 май 2023
