Adidas shoe and clothing brand ended its deal with Hip-Hop artist Kanye West, now known as Ye, back in October over controversial “anti-Semitic” remarks the rapper made via social media.
The German sportwear brand now expects to lose $1.3 billion in sales because Yeezy clothes and shoes will no longer be available – the most expensive break up in history if you ask me.
Ye went public, informing the world that along with J.P. Morgan closing all of his accounts and Gap cancelling his Yeezy Gap Product deal, he announced having lost an additional $1 billion after Adidas ended their shoe and clothing partnership.
Let’s not even begin to discuss why J.P. Morgan cut ties with Kanye for his “anti-Semitic” comments but were recently exposed for keeping all of convicted sex offender, Jeffrey Epstein’s accounts open. Those same accounts were tied to over a million dollars in sex trafficking payments. But sure, let’s “cancel” Kanye.
Back in 2016, the Chicago native signed a deal with Adidas with the company calling it “The most significant partnership ever created between an athletic brand and a non-athlete.”
According to Adidas CEO Bjorn Gulden, “The numbers speak for themselves. We are currently not performing the way we should.” Gulden added, “2023 will be a year of transition to set the base to again be a growing and profitable company.”
Yeezy accounted for roughly 10% of Adidas’ annual revenue last year and in losing the Yeezy products, the brand lost millions of dollars. Ye continues to own Yeezy and controls the trademarks for the brand.
“We need to put the pieces back together again, but I am convinced that over time we will make adidas shine again. But we need some time,” Gulden said.
Makes one wonder, who has the last laugh, now?
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