UPDATED 12:39 PM PT – Tuesday, October 25, 2022
Adidas has ended its partnership with Kanye West, formally known as “Ye,” following the rappers continued anti-Semitic remarks.
On Tuesday, the sportwear brand announced that it had terminated its contract with Ye.
Adidas’s decision has cost Ye his billionaire status. His net worth has reportedly dropped to $400 million. Prior to a string of anti-Semitic remarks, his net worth was believed to be close to $2 billion.
The German sportswear giant and Ye first started working together in 2013. In 2016, the two parties signed a deal to manufacture and distribute items from West’s Yeezy line. The brand has been one of Adidas’s top money makers. Yearly, the brand makes $2 billion, which accounts for 10% of the company’s total revenue. Adidas is expected to lose $240 million from the split.
In recent years, Ye and Adidas have not seen eye to eye. The rapper has accused the brand of stealing his ideas and purposely leaving him out of important meeting regarding planning and upcoming products.
Prior to the company dropping West, he went on a podcast where he claimed that Adidas cannot drop him regardless of what comments he makes.
This termination is the latest of many for Ye. The rapper has been dropped by his talent agency Creative Arts Agency (CAA), his lawyer Camille Vasquez, Gap, Balenciaga and Vogue. His upcoming documentary with MRC Documentary has been scrapped.
Author: Sophia Flores