Adidas has ended its partnership with Kanye West, saying it “does not tolerate antisemitism” The decision comes after Ye, said in a recent interview that he could “say anti-Semitic things and Adidas can’t drop me”.
“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.” Adidas said in a statement
“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.”
Forbes now confirms that West is ‘no longer a billionaire’. His loss of Adidas has caused his net worth to plummet to $400 million and he is no longer on the Forbes billionaire list.
Ending the partnership and the production of Yeezy products, as well as stopping all payments to West and his companies, will “have a short-term negative impact” of up to $248.90 million” on Adidas’ net income this year, the company said. Adidas has previously stated the partnership with Ye has had a “tremendous impact” and is one of the most successful collaborations in the history of its industry.
Hours later, Gap said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.
“Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values,” Gap said in a statement.
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