Kanye Loses Billionaire Status, Gap Removes Yeezy Merch: Report
Kanye is reportedly no longer a billionaire after his Adidas partnership was terminated Tuesday (Oct. 25)–among other business relationships that have dissolved following his anti-Semitic remarks per Forbes.
After bragging that Adidas wouldn’t drop him on the since-deleted Drink Champs episode, Adidas released a statement of the termination of their relationship.
“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 reads. “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.”
The statement continues: “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 colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
Adidas partnered with West in 2013 and expanded their relationship in 2016 which they called it “the most significant partnership ever created between a non-athlete and an athletic brand.”
Without Adidas, Ye is worth $400 million, Forbes reports. “The remainder of Ye’s fortune, Forbes estimates, comes from real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims,” the publication noted. It added that a source close to Skims told Forbes “Ye hasn’t been involved with the brand since its 2019 launch.”
Following his anti-Semitic remarks, Gap has also removed all Yeezy X Gap merchandise from its stores and has shut down YeezyGap.com, CNN reports.
“Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap products from our stores,” the retailer said in a statement Tuesday.
“Antisemitism, racism, and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees, and shareholders, we are partnering with organizations that combat hate and discrimination,” Gap announced.
Kanye has not commented publicly on either Forbes or Gap’s announcement.
Adidas Ends Partnership With Kanye: Twitter Reacts
