The loss of partnership with the company may cost the musician his billionaire status
Sportswear fashion label Adidas has ended its partnership with Kanye West, currently known as Ye, after the rapper made a number of controversial comments.
“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,” the company said in a statement on its website. Adidas now expects “a short-term negative impact of up to €250 million on the company’s net income in 2022,” but still intends to “terminate the partnership with Ye immediately.”
Earlier this month Ye reportedly tweeted he was “going death con 3 ON JEWISH PEOPLE,” after he accused record producer Sean “Diddy” Combs of being controlled by “the Jewish people” in a post on Instagram.
The musician has been collaborating with the brand since 2013 and it was scheduled to last until 2026, according to The Wall Street Journal.
Adidas’ decision regarding its partnership with Ye may reportedly cost the rapper his billionaire status. It’s estimated that without the Adidas deal Ye’s net worth could drop from roughly $1.9 billion to only $400 million.
Last month, clothing brand Gap said it would also terminate cooperation with the musician and remove Yeezy items from its stores. US’ sportswear and footwear retailer Foot Locker, which sells an assortment of Adidas products, also announced they “will not be supporting any future Yeezy product drops.” Among other companies that distanced themselves from Ye are fashion brand Balenciaga, JP Morgan bank, and talent agency CAA. Twitter and Instagram blocked the rapper over his remarks.
Find more stories on economy and finance in TROIB business
TroibNews 
