Adidas Cut Ties With Kanye West Over Antisemitic Remarks
After Kanye West said some hurtful things about Jews, the German sportswear company Adidas cut ties with Kanye West over antisemitic remarks. The company said in a statement on Tuesday that they do not tolerate anti-Semitism or any other kind of hate speech.
It also said that the rapper's comments are "unacceptable, hateful, and dangerous," since he changed his name to Ye last year. Ye's nearly decade-long partnership with the German sportswear giant helped make the rap superstar a billionaire and put his Yeezy-branded shoes on the map around the world.
Adidas Cut Ties With Kanye West
Adidas Officially Cuts Ties With Kanye West | E! News
Because of what Ye, formerly known as Kanye West, said about Jews, Adidas has cut ties with him. The rapper is getting more and more negative feedback, which is costing him more business deals.
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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 company was put under a lot of pressure to stop working with Ye. People on social media, including celebrities, told Adidas to do something. At the beginning of the month, it said that it was rethinking its lucrative deal with the rapper to make sneakers.
Adidas said on Tuesday that it had done a "thorough review" and would stop making and paying Ye and his businesses right away. The sportswear company said that this decision could cost it as much as 250 million euros ($246 million) in net income this year.
Kasper Rorsted, the CEO of Adidas, is leaving the company next year. This decision was made after Ye was banned from Twitter and Instagram this month for breaking their rules by making anti-Semitic posts.
Forbes said that the part of the Adidas deal that Ye was involved in was worth $1.5 billion. It said that his net worth dropped to $400 million when that partnership deal ended.
Forbes says Ye's other sources of wealth are real estate, cash, his music catalog, and a 5 percent stake in Kim Kardashian's shapewear company, Skims.
What Companies Dropped Kanye West?
Kanye West’s Antisemitic Comments Spur Companies To Cut Ties
Adidas isn't the first company to drop Ye because of the backlash and outrage. Gap and West ended their business relationship in September after West and his team wrote a letter to the company saying that the store did not follow the terms and conditions that were written in the original contract, such as selling Yeezy Gap products in stores.
Late Tuesday afternoon, Gap said that all Yeezy Gap products would be taken off the shelves right away.
Our former partner's recent remarks and behavior further underscore why. We are taking immediate steps to remove Yeezy Gap product from our stores and we have shut down YeezyGap.com. Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination.
- Yeezy Gap
Balenciaga told WWD earlier this week that it "no longer has any relationship with or plans for future projects with" Ye. Anna Wintour, who has been the editor-in-chief of Vogue for a long time and is also the global chief content officer for Condé Nast, said in a statement that she and the magazine have no plans to work with West again in any way.
West's talent agency, CAA, also dropped him, and a recently made documentary about the rapper was taken off the market. In a letter to the LA Times, the production company MRC said it "cannot support any content that amplifies" Ye's platform.
Many people also said that JP Morgan cut ties with Ye, but the bank hasn't confirmed or followed up on this. Ye has been kicked off of Instagram and Twitter, and his divorce lawyers, Bernard Clair and Bob Cohen, no longer represent him.
At the time of press, Ye hadn't said anything about the end of his deal with Adidas. After losing his business deal with Adidas, Kanye West is said to no longer be a billionaire.
People Also Ask
Was Kanye Dropped From Adidas?
Adidas announced on Tuesday that it will no longer work with Kanye West. Kanye West already had a bad reputation in the music business. Because of his strange behavior, he wasn't asked to perform at the Grammy Awards last spring.
How Much Of Adidas Does Kanye Own?
Under the deal with Adidas, West owns 100% of his brand and has complete creative control over the products that are made. In February 2015, a year and three months after Adidas and West said they would work together, the collaboration came out for real.
How Much Does Yeezy Make A Year?
About 10 percent of the company's annual revenue, or about $2 billion, comes from Yeezy sales. The partnership between Adidas and Yeezy is one of the most successful ones in the history of Adidas.
Just under three weeks earlier, Adidas had said that its relationship with the rapper was "under review" after "repeated efforts to resolve the situation privately." The rapper said that he could say whatever anti-Semitic things he wanted and it wouldn't hurt his relationship with Adidas.
West wore a "White Lives Matter" T-shirt to a fashion show in Paris earlier this month. He has also said several anti-Semitic things on TV and on social media.
Balenciaga broke up with West last week, and Vogue said it has "no plans" to work with him again. West's Twitter account was also locked. And now, Adidas cut ties with Kanye West.