A so-called R100 million deal caused a stir in entertainment circles this week.
This is after local brand Drip Footwear reportedly sealed a deal with Cassper Nyovest’s Family Tree worth that much – something never been heard of before in South Africa.
This also raised eyebrows and questions. Partnerships, collaborations and endorsements deals for any celebrity figure locally rarely hit that lofty amount. Many people scratched their heads trying to figure out how the amount was calculated.
Drip founder Lekau Sehoana has since given clarity on what the R100 million amount entails.
In an interview with Podcast and Chill with MacG, host MacGyver Mukwevho asked Sehoana how the projection was calculated.
‘A R100m deal worth of product’
“We actually agreed on the morning, let us mention the amount because I am not a numbers guys. I am just the guy in the background to get things done. It’s just the products, we signed a contract worth R100 million of the products. If it is 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,” he said.
MacG called Lekau of Drip footwear to explain the “R100 Million Deal” he signed with Cassper Nyovest #PodcastandChill is exactly what your fav radio station thinks it is…
“What’s your area code?” for 365 days in a year? Everyday I move in to a new place? Fcvk outta here! ???? pic.twitter.com/YS3Z3ALVBs
— YaseB ???????? (@ThisIsColbert) June 11, 2021
He also used another example, if a Drip apparel or shoe is worth R1,000 they are going to manufacture 100,000 of those and make a profit that will equate to R100 million.
Drip said in a statement it is “the most significant partnership ever created between a non-athlete personality and an athleisure brand”.
Nyovest said in a statement: “This is what dreams are made of. It’s moments like these that redefine history. A shift of power. A milestone for me and South African culture.
“This also sends a strong message out so say, as much as you can do great things on your own, two great black minds are always better than one. Another one for black excellence.”