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Adidas AG has officially shunned Kanye West and announced it had terminated its partnership with him. The German sneakers and sports apparel brand said it does not tolerate or support hate speech.
Adidas released a statement on Tuesday, Oct. 25, and said that the cancelation of their business relationship is effective immediately. It has made the decision due to West’s social media posting of antisemitic remarks and some other forms of hate speech.
The condemnation of his comments has been growing more widespread every day, and many companies are cutting ties already. Previously, some groups, including the Anti-Defamation League and the International Legal Forum, also sent letters to Adidas, urging it to ditch Kanye West, and now the company has given its response.
In any case, Adidas said that it would take a hit and would likely lose €250 million or about $246 million this year for its decision. The New York Times reported that the discontinuation of the company’s collaboration with Ye would also mark the end of their decade-long partnership.
Their contract reportedly gives the rapper around $100 million per year. Based on the reports, Adidas’ move also resulted in West losing his billionaire status as his deal with the company is valued at $1.5 billion and was calculated off of a multiple of yearly earnings. To put it simply, Ye is only worth $400 million without Adidas, and this was mostly from his earnings as a musician.
Meanwhile, Gap Inc. also announced it had severed its relationship with West. The Yeezy Gap website has been shut down, and the brand’s items were also removed from the company’s physical store shelves.
These moves come a month after the clothing retailer and Ye’s deal ended in September, which is about eight years earlier than their 10-year initial plan. Gap explained that Kanye West’s recent comments and behaviors gave further emphasis as to why their deal was canceled early.
"Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values," Gap said in a statement. "On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination.
