Adidas has announced the end of its long-term partnership with Kanye West’s Yeezy brand after mounting pressure.
A little over two weeks ago, the sports apparel company said its relationship with Ye was under review.
Since then, numerous brands have cut ties with the rapper as he continues to make anti-Semitic and controversial statements.
Adidas was criticized by the public and its employees over its ongoing relationship with the rapper.
The company’s Director of Trade Marketing, Sarah Camhi, who is of Jewish heritage, called out the brand in a public LinkedIn post.
In a statement, Adidas confirmed that they had terminated their relationship with the rapper effective immediately.
“Adidas does not tolerate antisemitism 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 statement reads.
They also confirmed that they have ended the production of Yeezy-branded products and stopped all payments to the rapper and his businesses.
Adidas revealed that the decision would cost the brand about $250 million of its net income in 2022.
They also revealed that they own all the design rights to existing products under the Yeezy partnership.
This comes after Ye claimed on the Drink Champs podcast that Adidas could not drop him despite his anti-Semitic comments.
“I can say anti-Semitic things, and Adidas can’t drop me. Now what?”
Kanye West is no longer in the billionaire club
Kanye was removed from the Forbes billionaire list after losing the lucrative deal with Adidas.
Forbes estimates that his net worth has plummeted to $400 million, with the majority of his wealth coming from his real estate, cash assets, music catalog, and five percent stake in Kim Kardashian’s SKIMS brand.
The outlet notes that Ye claimed his net worth was undervalued, and he recently bragged about being the richest Black man in America’s history.
The financial outlet previously estimated his net worth at $1.5 billion, but after he severed ties with Gap and lost the Adidas deal, his fashion empire effectively collapsed.
Gap has removed Yeezy items from its stores
Gap has followed Adidas by removing any remnants of their deal with Ye’s Yeezy brand.
CNBC reports that Gap has shut down the Yeezy-Gap website and removed its Yeezy branded items from their stores hours after Adidas released its statement.
As previously reported by Monsters and Critics, the talent agency CAA dropped Ye as a client. In the fashion industry, Vogue and Balenciaga have ended their relationship with the rapper.