6:10 AM PT -- Adidas said they did a "thorough review" of their Yeezy partnership and are expecting to lose $246 million in net income this year by ending the deal.
Kanye West's biggest corporate partnership is over -- Adidas says it's cutting off all business with him, due to his recent antisemitic and bigoted actions.
The German shoe company says, "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 result, Adidas says it "will terminate the partnership with Ye, end production of Yeezy branded products and stop all payments to Ye and his companies."
The announcement comes amid worldwide pressure for Adidas to, at the very least, condemn Kanye for repeating antisemitic tropes every time a microphone's been in his face for the last few weeks. During this erratic and disturbing phase he's also unveiled "White Lives Matter" T-shirts at Paris Fashion Week, and claimed George Floyd didn't die from Derek Chauvin's knee, but from fentanyl.
Kanye West Loses Billionaire Status After Adidas Terminates Deal
The hashtag #boycottadidas had been trending on Twitter over the weekend, especially as the company announced the sale of new Yeezy shoes. While other companies, like Balenciaga and Vogue had already cut off their relationships with the billionaire rapper and designer ... Adidas had been silent, except to say their partnership was "under review."
That review actually had nothing to do with Ye's recent rants -- for months, he'd publicly accused the company of ripping off his designs for non-Yeezy branded merchandise, so the relationship was already on ice.
Ye knew his incredibly profitable deal with Adidas was hanging in the balance -- he said so on Friday night ... even as he railed that any backlash against him was only proving his initial antisemitic remark that the Jews were controlling Hollywood and the banks.
Adidas was especially under pressure to react -- not only as Ye's biggest partner, but due to its founder supporting the Nazi party.
Adidas and Kanye started their partnership in 2013, and his Yeezy brand is widely credited with reinvigorating Adidas in the shoe game. While the company has some huge athletes as brand ambassadors -- James Harden, Lionel Messi and Damian Lillard to name just a few -- Ye's designs were key to the company's recent success, and Adidas' backing allowed him to expand Yeezy well beyond sneakers.
Adidas was the distributor and manufacturer of Yeezy shoes and athletic gear ... so, Kanye currently has no outlet for his creations.
Originally Published -- 4:45 AM PT