Adidas says dropping Kanye West could cost them more than $1 billion in losses. In a statement, Adidas said its financial guidance for 2023 “accounts for the significant adverse impact from not selling the existing stock.”
Ye went on a series of anti-semitic rants and made disparaging remarks about the Black community.
If the company can’t “repurpose” any of the remaining Ye clothing, Adidas said that could cost the company $534 million in operating profit this year.
Ye’s personal fortune went from billions to just $400 million after Adidas cut ties.
“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 said last year.
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
[social_warfare]