When Adidas announced on Tuesday that it had terminated its relationship with Ye, the rapper formerly known as Kanye West, the company put a price tag on how much the move would cost: Up to $246 million in profits this year.
Yeezy, a footwear and apparel partnership between Ye and Adidas that launched in 2015, will end its business immediately over hateful speech and actions undertaken by the rapper, Adidas said in a statement on Tuesday. The company will stop production of all Adidas Yeezy products and halt payments to Ye, the statement added.
"If they pull products from shelves, they'll have a lot more product to write off than they would for other quarters," he said "If it was the first quarter of next year, it wouldn't be anywhere near that." "Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a press release. "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."
"Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values," Gap said in the statement. The financial losses incurred by Adidas also owe to ongoing projects that must be scrapped, which likely include arrangements already established with manufacturers, Saheli Goswami, a professor of textiles, fashion merchandising and design at Rhode Island University, told ABC News.
"From the business perspective, the longer the relationship continued -- and it was a toxic relationship -- it would end up costing the company more," he said.
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