Kanye West has caused a major problem for Adidas.
According to the announcement, the “All of the Lights” rapper’s lucrative collaboration with the footwear business was terminated in October due to the rapper’s numerous anti-Semitic remarks and hate speech outbursts.
Adidas explained in a press release:
“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.”
As soon as the announcement was made, Adidas ceased production of all Yeezy-branded products. Adidas will demolish the Yeezy brand immediately after terminating all payments to Kanye West and his businesses.
According to the Financial Times, Adidas is panicking as they look for ways to sell Yeezy footwear worth $530 million.
Instead, the sporting giant announced last month that it would market Kanye West’s collection as an extension of its own. According to the Financial Times, this is being done to avoid further financial losses.
Adidas had already budgeted for a $250 million loss for the rest of 2022 when Kim Kardashian’s ex-husband abruptly left.
Adidas’ Yeezy sales were expected to account for $1.8 billion in annual revenue by the end of this year, or 7% of its total revenue.
Concerns about the German sports giant’s reliance on Yeezy sneakers have been circulating among its employees for years, according to the London-based site.
Meanwhile, many former Yeezy, Adidas, and GAP collaborators described Ye’s company as a “chaotic clusterf-k” and a “toxic and abusive work environment.”
Working with the “Donda” hitmaker was their “dream job,” according to a Rolling Stone article published last month. Many people were surprised to learn that this was not the case.
Kanye’s organization thrived on “abrupt firings and rolling layoffs, intimidation and humiliation methods, and a cult-like culture,” according to people who spoke to the site.
Kanye’s main Los Angeles headquarters was also on the verge of being evicted after failing to pay $63,254 in back rent for two months.
The landlord gave Kanye three days to make the full payment or face being evicted from the workplace.
The “College Dropout” star rented 15,000 square feet of office space for the first time in 2015, when Yeezy was still known as West Brands Fashion.
According to Yahoo, they were eventually evicted from their offices.
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