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Adidas gets $390 million to drop Kanye West


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Adidas has stopped working with the rapper, formerly known as Kanye West, because of his offensive and anti-Semitic remarks.

The German sportswear brand is the latest company to end its relationship with West, in a decision it says will have a multimillion-dollar impact on its bottom line.

“Adidas does not tolerate anti-Semitism or any other form of hatred,” the company said in a statement on Tuesday (US time).

“Ye’s recent comments and actions were unacceptable, hateful and dangerous, and violate the company’s values ​​of diversity and inclusion, mutual respect and fairness.”

Adidas has been under pressure to cut ties with West as celebrities and others on social media urged it to act. In early October, the company said it was renegotiating its lucrative sneaker deal with the rapper.

The clothing giant has been embroiled in a spat with West for months, after he falsely accused him of stealing his designs by calling CEO Kasper Rorstedt by name on Twitter.

Earlier this month, West released a half-hour video of a meeting with Adidas bosses in which he accused them of “doing the wrong thing by the company, the company and the partnership.” He also showed the managers a pornographic film.

West repeated his anti-Jewish remarks during an appearance on sports podcast Drink Champs and also took aim at Adidas.

“The thing is Adidas – I can say anti-Semitic things and Adidas can’t drop me. What now? What now?”

The company was operating on Tuesday. The company said it conducted a “thorough investigation” and will immediately stop production of its Yeezy product line and stop payments to West and his companies.

The sportswear company said it expected the move to take its net income up to 250 million euros ($390 million) this year. Sales of Yeezy products account for 4-8 percent of revenue.

But the blow is likely to be even greater for the West – Forbes The deal was worth an estimated US$1.5 billion off the rapper’s net worth.

“If it doesn’t exist, Ye is no longer a billionaire” writes on Wednesday.

Adidas is the latest company to cut ties with the West, who was also suspended from Twitter and Instagram over anti-Semitic posts on social media that violate their policies.

He recently suggested that slavery was a choice and called the COVID-19 vaccine “the mark of the beast,” among other comments.

He was also criticized for wearing a “White Lives Matter” t-shirt at the Yeezy collection show in Paris.

West’s talent agency, CAA, has dropped him, and studio MRC announced Monday that it will shelve a full-length documentary about him.

Last week, the Balenciaga fashion house severed relations with the West Everyday women’s clothing.

JPMorganChase and West have ended their business relationship, although a breakup of the bank was in the works before the recent anti-Semitic comments.

In recent weeks, West also ended his company’s partnership with Gap and told Bloomberg that he plans to cut ties with his corporate suppliers.

He accused Gap of violating the terms of the deal. On Tuesday, Gap said it was removing Yeezy Gap products from its stores and that it had shut down the YeezyGap.com website.

“Anti-Semitism, racism and hatred in any form are unforgivable and unacceptable… We cooperate with organizations that fight against hatred and discrimination,” it is written in joint Instagram account with the West.

After getting banned from Twitter and Facebook, West proposed last week to buy the conservative social network Parler. The status of this deal remains unconfirmed.

On Saturday, protesters at an overpass in Los Angeles unfurled a banner praising West’s anti-Semitic comments, sparking an outcry on social media as celebrities and others said they were siding with Jews.

– from AAP


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