Kanye West loses billionaire status after Adidas terminates partnership
Athletic company, Adidas has ended their partnership with controversial American Rapper, Kanye West following his Anti-semitic remarks.
According to Pagesix, the company released a statement early hours of today in which they ended their partnership with him.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the athletic company said in a statement Tuesday following West’s series of anti-Semitic comments.
“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.”
Sales and production of his Yeezy branded products have stopped as well as payments to Ye and his companies. Adidas said it will take a €250 million hit ($246 million) to its fourth quarter sales.
Forbes estimates that West’s worth is $400 million without the arrangement with the German sporting corporation, which accounted for $1.5 billion of his total worth.
Since 2013, when the business signed his brand away from rival Nike, Adidas has collaborated with West. Adidas increased their agreement with the rapper in 2016 and referred to it as “the most significant alliance ever forged between a non-athlete and an athletic brand.”
Adidas, however, put the “relationship under review” in the beginning of October after he appeared in public wearing a “White Lives Matter” T-shirt. The statement is referred to as a “hate slogan” by organizations that support White supremacy, such as the Ku Klux Klan, according to the Anti-Defamation League.
As previously reported by WITHINNIGERIA Balenciaga ended their relationship with the singer a few weeks ago following his Anti-semitic remarks and hateful comments.
The post Kanye West loses billionaire status after Adidas terminates partnership appeared first on ENTERTAINMENT — WITHIN NIGERIA.