Maybe Ye (Kanye West) isn’t quite the genius many people have thought he was.
For weeks he has gone all-in on anti-Semitic comments that have turned him into a toxic brand that companies he was associated with have been running from. On Tuesday, the biggest shoe dropped; his biggest biz partner and the company behind his multi-billion dollar Yeezy brand cut him loose.
Adidas is out of the Kanye business. Permanently. The German-based shoe and apparel company said that after a thorough review, they want nothing to do with him anymore and “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.”
Wow. Here’s the deal’s economics, as spelled out in the statement by Adidas Tuesday.
“This is expected to have a short-term negative impact of up to €250 million ($246 million) on the company’s net income in 2022 given the high seasonality of the fourth quarter. Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
It’s been a hell of a week for West. CAA, the powerhouse talent agency, fired him and no longer represented him in any of his work. WME and UTA want nothing to do with him, and MRC, a film and studio company, said they are scrapping their plans for a documentary on West.
Adidas and West have been partners since 2013 when they signed him away from Nike.
In 2016, when the partnership was printing money, Adidas said their deal with West was “the most significant partnership ever created between a non-athlete and an athletic brand.”
The Adidas stock price fell 5% after the announcement.
I disagree that Kanye “has gone all-in on anti-Semitic [sic] comments.” He texted “DEATH-CON 3” when he meant to text DEFCON 3.
DEFCON 3 has a specific definition. Defcon 3 means “increase in force readiness above normal readiness” and would be used in situations that may not pose an immediate danger but warrant a significant alert. Under this warning, the military must be prepared to launch operations within 15 minutes of the warning.
Do you see and understand the distinction? Kanye wasn’t wishing DEATH on Jewish people. He was saying he will DEFEND himself against what he perceives to be a wish for HIS death. Most Jewish people in America are liberal; hence, a growing disconnect between himself and his predominantly Jewish business interests. The more vocal he is about what’s going on in America to undermine our society, the more that liberal Jewish people have their knives out for him.
Unfortunately, he committed that gaffe. He tried to explain the gaffe but there’s no mercy for Kanya. Every business entity that tries to bury Kanya is one I will NOT support.