Adidas ended their partnership with Kanye after he made a series of offensive and antisemitic comments. Hours later, Gap and then Foot Locker say they would immediately remove Yeezy products from their stores.
A Foot Locker spokesperson said, “Foot Locker, Inc. does not tolerate any form of antisemitism, or hateful and discriminatory behavior. While we remain a partner with adidas and carry a wide assortment of their collections – we will not be supporting any future Yeezy product drops.”
Gap also shut down YeezyGap.com, which now redirects to the Gap website.
Adidas released a statement saying, “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. 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.”
Adidas said this would have a short-term negative impact of up to $246 million on net income in 2022 due to high seasonality in the fourth quarter.
Kanye West lost his billionaire status after Adidas ended their partnership with him.
Forbes says it's a combination of several deals falling apart lately.
Now Forbes claims Kanye’s worth is somewhere near $400 million. This is a huge dip from where he was a couple years ago, when his net worth was valued at around $1.3 billion.
The majority of Kanye's money is coming from real estate, liquid cash, his music catalog and a less than 5% stake in his ex-wife Kim Kardashian's Skims brand.
Source: CNBC, TMZ.
Photo Credit: Pascal Le Segretain/Getty Images.