German-owned brand Adidas has officially announced the termination of its partnership with American rapper Kanye West.
In a statement released on the brand’s website, Adidas said it has taken the decision to terminate its partnership with Ye was no longer in any relationship nor plans for future projects related to Kanye West.
It also announced it is ending production of Yeezy branded products, and all payments to Ye and his companies.
The statement reads, “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 statement continued, “This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.
“Adidas is the sole owner of all design rights to existing products as well as previous and new color ways under the partnership.
With Adidas finally announcing they have cut ties with Kanye West over his anti-Semitism, Forbes has now reported that the rapper has also lost his position in their magazine’s list of billionaires. The rapper, who was worth over $2 billion, is now said to be worth about $400 million. With that, Kanye has lost one billion one hundred million.