Adidas has announced they are immediately cutting ties with Kanye West following a string of controversies surrounding the artist, including several disturbing antisemitic comments.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement today. “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 athletic brand said the decision came after a “thorough review” of its partnership with Ye. The Yeezy brand brings in roughly $2 billion a year for Adidas — close to 10 percent of the company’s annual revenue. But the brand has said it will end production of Yeezy branded products and halt all payments to Ye and his companies. It will retain ownership of all Yeezy shoe designs, including unreleased models.
The German company is the latest to drop the designer. Ye’s controversial comments have cost him greatly over the last few weeks, with numerous companies and brands also cutting ties.
Balenciaga, Vogue, Def Jam Records and CAA talent agency and more have announced they will no longer collaborate with Ye moving forward. Ye’s divorce lawyers have said they are no longer representing him. Instagram and Twitter have suspended his accounts. Streams, sales and airplay have plummeted while his stadium shows have been canceled and his upcoming documentary has been shelved.
Earlier this year, Forbes estimated that Ye is worth $2 billion. Following Adidas’ announcement, Ye has officially lost his billionaire status as that number has dropped to an estimated $440 million. The artist had generated $1.5 billion from his deal with Adidas, but now that’s over, Ye’s income is limited to the few deals he still has been able to hold onto (for now): a stake in Kim Kardashian’s shapewear line Skims, real estate investments, cash and related assets from his multi-platinum music career.
Ye is no stranger to controversy, but there is something about this that feels different than before. His remarks from both Piers Morgan, Drink Champs and Tucker Carlsen interviews have led to not only long-standing partnerships cutting ties with him, but also a legal battle with George Floyd’s family and antisemitic groups using his words as justification for their hate.
It’s hard to say where Ye can go next. One part of his fanbase may be ready to forgive him after a short break, while the other side may be prepared to hold on to receipts for the rest of his life. Only time will tell what the legacy of Ye will be.
