Kanye West Pays Hefty Price for His Controversy, Adidas Officially Terminated its Partnership with Kanye West

Adidas Terminated its Partnership with Kanye West

Kanye West Adidas contract was terminated by the company after he made several anti-Semitic comments online this month. Adidas, which previously had a tense relationship with Kanye West, made the choice after the musician’s most recent controversial words drew considerable criticism from a number of Jewish rights organizations. To know more about Kanye West’s controversial statement, check out our website.

Why has Adidas Terminated its Partnership with Kanye West?

On Tuesday, German sportswear brand Adidas decided to sever its nearly ten-year partnership with American artist and fashion designer Kanye West, also known as Ye in the legal community (October 25). In a formal statement, Adidas said that it had “made the decision to immediately terminate the agreement with Ye, discontinue manufacture of Yeezy branded products, and suspend all payments to Ye and his enterprises after a comprehensive evaluation.” Adidas said on Tuesday that Kanye West’s “recent words and actions have been inappropriate, hurtful and dangerous,” and that the company “will not support any aggressive hate speech, including antisemitism.”

What were Kanye West and Adidas’s Deals?

The company announced the Kanye West Adidas partnership in 2013. In order for Adidas to produce and distribute things from West’s Yeezy clothing line, they solidified their partnership in 2016. According to the business, the alliance with Yeezy is one of the most fruitful partnerships in the history of the sector. According to The New York Times, the Adidas Yeezy fashion partnership between Kanye West and the German sportswear company renowned for its pricey footwear and apparel is thought to be worth billions of dollars and has proved very profitable for both parties. We have already covered Kanye West’s Controversy.

Kanye West Controversial Statement

When Kanye West showed up at the Paris Fashion Week wearing a “White Lives Matter” t-shirt, the latest debate around him began earlier this month. He was joined by Candace Owens, a host on a conservative television show, who was also wearing a t-shirt with the same statement. The phrase, which rose to fame in response to the Black Lives Matter movement in the US, has been adopted by white supremacist groups as a “hate slogan.” Adidas announced on October 6 that it was reviewing the Kanye West Adidas partnership in the wake of the event. On October 7, he posted a message on Instagram that seemed to imply that another well-known US rapper, P. Diddy, was under Jewish control. He was probably referring to the antisemitic myth that Jews control the world’s financial system. Kanye West took to Twitter to explain that he couldn’t be anti-semitic because black people are also Jews after Instagram deleted his account. Twitter then also locked its account. Josef Schuster, the head of the Central Council of German Jews, urged Adidas to “immediately discontinue its collaboration with Kanye West.” Later, Kanye West issued an apology for his remarks.

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Losses Faced by Kanye West And Adidas

Kanye West Adidas news appeared after the termination of the partnership, which came up after several weeks, Kanye West made the controversial comments and according to the statement given by Adidas, is expected to cost the company nearly €250 million loss on its net income this year. Adidas likewise has persistent financial issues. Additionally, the rapper dropped off Forbes magazine’s list of billionaires. According to the magazine, Ye’s net worth decreased from $1.5 billion to $400 million as a result of the loss of the Adidas agreement.