In recent weeks, retailers, social networking sites, celebrities, and businesses in the fashion and entertainment industries have been severing their ties with Kanye West following his anti-Semitic remarks on a podcast and Twitter, among other questionable actions.
Earlier this month while appearing on the podcast Drink Champs Podcast, he said “I can say anti-Semitic s—- and Adidas cannot drop me.”
Well, the German clothing brand has become the latest company to end its contract with the controversial rapper and businessman.
Ye’s contract with Adidas was earlier put under review after he clothed himself in a ‘White Lives Matter T-shirt design at Paris Fashion Week. But the partnership has now been terminated with immediate effect. The company explained its decision, saying:
- “Adidas does not tolerate anti-Semitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.
- “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. adidas will stop the Adidas Yeezy business with immediate effect.
- “This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.”
Meanwhile, Forbes said the rapper has lost his position as a billionaire following the end of his business relationship with Adidas. According to the publication, Ye’s deal with Adidas accounted for $1.5billion of his net worth. Without the clothing brand partnership, Ye’s net worth is $400million.
- “Losing Adidas was the final nail in Ye’s net-worth coffin. Gap terminated its Yeezy partnership in September. Earlier this month, JPMorgan reportedly unbanked Ye. French fashion house Balenciaga nixed their relationship with Ye on October 21, just weeks after he walked their runway at Paris Fashion Week,” Forbes said.