Yeezy come, Yeezy go! GAP rips Kanye West merchandise from their stores and removes collab website and Universal drops him – hours after Adidas terminated its partnership with the rapper over his anti-Semitic outbursts
- German sportswear giant Adidas has officially cut ties with rapper Kanye West over his controversial comments
- West, 45, has been accused of going on several anti-Semitic rants on social media
- The rapper has seen his social media posts deleted and had accounts restricted because of the comments
- Adidas previously put its partnership with Ye under review earlier this month, and now say they could lose $250million in the split
- Forbes estimates that Kanye could lose his billionaire status with the loss of the Adidas x Yeezy partnership
- West has split from multiple corporate partnerships in recent weeks including Balenciaga and GAP, and he was dropped by talent agency CAA
Kanye West could lose his billionaire status after being dropped by Adidas amid growing backlash over his anti-Semitic rant – as GAP tear down his Yeezy products from their stores.
The rapper’s $220million annual deal with the German sports brand, which is worth $1.5billion in total, has been terminated after his controversial behaviour.
According to Forbes, West, 45, is set to lose his billionaire status after cutting ties with the sportswear giant – and is currently worth $2billion.
The father-of-four’s wealth could plummet to below $1billion after the termination with the brand, which comes after several other lucrative deals have been dropped.
Adidas announced that they would be terminating their partnership in a statement, with the sportswear maker having put it’s deal with Ye under review.
They claim that they made repeated efforts earlier this month ‘to privately resolve the situation.’
GAP have also condemned West’s comments, saying that they are taking ‘immediate steps’ to remove Yeezy GAP products from their stores and shut down their website.
Universal Music’s Def Jam has also condemned West’s comments, after splitting with the rapper last year.
Ye has courted controversy in recent months by publicly ending major corporate tie-ups, as well as for a series of outbursts on social media against other celebrities (Kanye West pictured October 21, 2022)
German sporting goods behemoth Adidas has terminated its partnership with Kanye West amid controversial behavior from the American rapper and designer. A statement posted in the media section of its website called his comments ‘unacceptable, hateful and dangerous’
German sporting goods behemoth Adidas has ended its partnership with Kanye West amid controversial behavior from the American rapper and designer
How much is Kanye – who claims to be the ‘richest black man in the world’ – really worth?
Forbes estimate that Kanye is worth around $2billion, with DailyMail.com breaking down his individual deals:
ADIDAS – $1.5billion
West’s deal with Adidas was the crowning jewel of his fortune, with sales climbing to $1.7billion in 2020 – earning him $191 million in royalties.
Forbes estimates that the Yeezy business with Adidas is worth $1.5billion, and the company confirmed that they were likely to lose up to $250million of their net income in 2022 as a result of the split.
GAP X BALENCIAGA – $970million
His GAP collection was estimated at around $970million when the deal was announced in 2021, but he has since terminated his work with the retailer.
Initial products sold out in 2021, after being announced in June 2020, in a partnership which was expected to last for ten years but was cut short by West.
GAP were also part of a deal between Yeezy and Balenciaga, with estimates claiming they would bring in $1billion in projected sales.
SKIMS – $160million
West, who divorced Kim Kardashian in 2020, remains a partner in Skims but it is unclear how much he earns from that.
He previously ranted about owning 5 percent of the business, which is estimated at a $3.2billion net worth.
If that is the case then he would have a $160million stake in the company.
MUSIC – $90million
He has sold over 140 million albums worldwide, and documents seen by Forbes show that his own recorded music and publishing rights is worth at least $90million.
Between mortgages, advances and other liabilities, Forbes say West owes about $100 million.
They said: ‘Def Jam’s relationship with Ye as a recording artists, its partnership with the GOOD Music label venture and Ye’s merchandise agreement with Bravado all ended in 2021.
‘There is no place for antisemitism in our society. We are deeply committed to combating antisemitism and every other form of prejudice.’
It comes days after Kanye claimed on a podcast that the sneaker giant ‘cant drop him’, despite saying ‘anti-Semitic things’.
Adidas’ share price dropped more than 50 percent over the past six months, and is expected to plunge even further in the wake of the announcement.
West has had several high-flying partnerships dropped in the aftermath of making a series of anti-Semitic outbursts.
His deal with Balenciaga and Gap have fallen through, and the rapper was yesterday dropped by talent agency CAA.
In a statement GAP said: ‘Anti-Semitism, 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.’
In a statement Adidas said: ‘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 company also claimed that cutting ties with the rapper is likely to have a ‘negative impact of up to €250 million on the company’s net income in 2022’.
The partnership began in 2013, after he let a collaboration with Nike, and was expected to be a ten-year-long production.
Before being dumped by the brand Kanye had already begun publicly sparring with Adidas executives, accusing them of ‘stealing’ his ideas.
West owns the Yeezy brand but Adidas pay him an annual royalty fee to sell the products.
Adidas, whose founder Adi Dassler belonged to the Nazi Party, found themselves coming under increasing pressure to drop Kanye after several anti-Semitic comments.
Experts have also claimed that the resale market for Yeezy’s will explode because they will not be produced in mass quantities anymore.
TMZ claimed that the resale market would skyrocket, with companies clinging onto the stock of Yeezy’s to see if Adidas would part ways with the singer.
Tamar Andrews, an educational consultant for Kanye, officially resigned earlier this month following the anti-Semitic outbursts.
In a statement to The Hollywood Reporter, the president of Temple Isaiah of LA, where Andrews is a director, said: ‘Dr. Andrews immediately resigned from Donda Academy following Ye West’s tweet.
Kanye West attends the adidas show during Mercedes-Benz Fashion Week, Fall 2015
Human rights campaigners have called out the German firm for its continued silence over comments by Kanye that have made him more and more isolated
Candace Owens has defended Kanye, saying: ‘Corporations can dissociate from Ye but they will not steal from him’
Full Adidas statement on split with Kanye West
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 him immediately, end production of Yeezy branded products and stop all payments to Kanye and his companies. adidas will stop the adidas Yeezy business with immediate effect.
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.
‘Her last day was October 11, 2022 as she felt she could no longer support the organization.’
West has faced criticism in recent weeks for his bizarre behavior, including introducing a series of shirts branded with ‘White Lives Matter’ at Paris Fashion week.
During an episode of Drink Champs podcast with N.O.R.E, West claimed that George Floyd died from taking fentanyl and that Derek Chauvin’s knee ‘wasn’t even on his neck like that.’
Floyd’s family have since lodged a $250million lawsuit against the star over the comments, calling them ‘repugnant’ and saying he used ‘false statements’ to ‘promote his brands’.
Kanye also made the incorrect claim that he is the ‘richest black man in American history’ – a title that belongs to Vista Equity’s Robert F. Smith.
He said: ‘A lot of this stuff for me as the richest black man in American history, that put $140million in JP Morgan, and never even had a chance to… not even get to deal with them. We’ll speak at a different time.’
In 2021, West was inaccurately described as the richest man in America after Bloomberg reported the valuations of his companies at $6.6billion.
Much of that figure came from sales that hadn’t yet been realized and were never an indication of his personal wealth – with Forbes estimating his net worth at around $1.8billion.
JP Morgan Chase has declined to comment on why it cut ties with the rapper.
Candace Owens has defended Kanye, saying: ‘Corporations can dissociate from Ye but they will not steal from him.’
Kanye West’s Twitter and Instagram accounts were restricted, with the social media platforms saying they removed his posts that online users condemned as anti-Semitic
Kanye promised to ‘go death con 3 on JEWISH PEOPLE’ in a shocking tweet earlier this month
Kanye West has been dropped attorney Camille Vasquez, who famously defended Johnny Depp in his defamation trial. She is pictured on June 1, 2022
Adidas’ ties with Hitler and Nazi Germany
The Dassler brothers, who took the trade names of Adidas and Puma, began shoe production in the 1920s in their hometown of Herzogenaurach, Germany, a hot spot for shoe making in Bavaria with more than 100 individual shoemakers.
What distinguished Rudolf and Adolf ‘Adi’ Dassler was not just their willingness to become members of the Nazi party, ensuring their business success under Aryan domination, but their ambitions.
With the expansion of the war in December 1943, Hitler converted civilian business operations to military manufacturing.
Now instead of making sports shoes, the Dasslers produced boots for Nazi soldiers as well as the Panzerschreck bazookas in their factory.
Both brothers were called to duty with Rudolf joining the Gestapo.
Adi served only one year while his brother stayed in until the end of the war.
When Rudolf found himself in an American internment camp, he suspected he had been denounced by his brother who was now busy making baseball and basketball boots for Americans.
A lifelong grudge separated the brothers. The one company was split — Adi started ‘Adidas’ and Rudolf launched ‘Puma’.
It emerged yesterday that West was dropped by Camille Vasquez, the lawyer who defended Johnny Depp, as well as top talent agency CAA for recent remarks in which he tweeted he was planning to go to war with Jewish people.
A source for The New York Post claimed: ‘After Ye doubled down [on anti-Semitic comments] this weekend, Camille dropped him. The firm still wanted to make it work but on the condition he retract, he wouldn’t – so he fired them.’
The law firm has previously declined to confirm to DailyMail.com whether or not it had secured West as a client.
It was also revealed on Monday that top talent agency CAA had cut ties with Kanye, according to the LA Times.
The company announced it had stopped representing him at some point over the last month, after he made the anti-Semitic remarks.
West has been represented by the company since 2016 after he left for one year for the agency UTA.
Meanwhile, production studio MRC announced on Monday they are shelving a documentary they made about the 45-year-old rapper.
MRC studio executives Modi Wiczyk, Asif Satchu and Scott Tenley announced in a memo Monday: ‘We cannot support any content that amplifies his platform.’
Wiczyk and Satchu are co-founders and co-CEOs of MRC Entertainment. Tenley is the chief business officer. Shelving the documentary comes just days after the French fashion house Balenciaga cut ties with Ye, according to Women’s Wear Daily.
A number of Jewish executives have also called Kanye out for his hateful remarks, with DailyMail.com reporting that Hollywood super agent Ari Emanuel penned an op-ed calling for all major brands to drop the rapper.
Emanuel wrote: ‘Those who continue to do business with West are giving his misguided hate an audience.’
Ye’s ex-wife Kim Kardashian also broke her silence, claiming she ‘stands together with the Jewish community’ in a public declaration of support in opposition to her former husband’s social media posts.
The father-of-four said that he is being disrespected by being called a rapper, because he is the ‘richest black man of all time, worth $11billion’
The father-of-four’s wealth could plummet to below $1billion after the termination with the brand, which comes after several other lucrative deals have been dropped
Gap and Kanye ended their partnership in September. European fashion house Balenciaga has also cut ties with him
Kanye earlier this year hit out at several brands with which he is affiliated, accusing them of not fulfilling certain contractual arrangements.
In now-deleted Instagram posts, the multiple Grammy award winning artist accused Adidas and U.S. apparel retailer Gap Inc of failing to build contractually promised permanent stores for products from his Yeezy fashion line.
He also accused Adidas of stealing his designs for its own products.
Gap and Kanye ended their partnership in September. European fashion house Balenciaga has also cut ties with Ye.
Adidas poached Kanye from rival Nike Inc in 2013 and agreed to a new long-term partnership in 2016 in what the company then called ‘the most significant partnership created between a non-athlete and a sports brand.’
The tie-up has produced several hot-selling ‘Yeezy’ branded Adidas sneakers that could cost anywhere between $200 and $700. The partnership also helped the German brand close the gap with Nike in the U.S. market.
Yeezy generates about 1.5 billion euros ($1.47 billion) in annual sales for Adidas, making up a little over 7 per cent of the company’s total revenue, according to estimates from Telsey Advisory Group.
Shares of the company, which cut its full-year forecast last week, were down about 3 per cent on the report amid the controversy over Ye.