According to the report, Adidas has announced that all production and sales of Yeezy products have ceased as well as payments to West and his affiliated companies.
The sportswear brand Adidas released a statement on Tuesday citing why it's ending its lucrative deal with the rapper.
“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 stated.
“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,” the statement continued. “Adidas will stop the Adidas Yeezy business with immediate effect.”
Because of the termination of the partnership, Adidas projects it will lose almost $250 million in fourth quarter sales.
Without the Adidas deal, Forbes estimates that West's net worth has dropped to $400 million, essentially knocking him off the billionaire’s list.
Hours after the announcement from Adidas, Gap said it would immediately remove Yeezy products from its stores and shut down YeezyGap.com.
“Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap products from our stores,” the retailer said in a statement on Tuesday.
According to Page Six, Anna Wintour, the editor-in-chief of Vogue who once enjoyed a close relationship with West, said that she nor the magazine will work with him again because of his “erratic behavior," .
Adidas, Gap, and Vogue are just the latest entities to cut ties with West. On Monday, the talent agency CAA confirmed it dropped him as a client. Also, Balenciaga announced it will no longer collaborate with the rapper while JP Morgan ended its relationship with him last week. On social media, Twitter and Instagram have locked him out of his accounts due to his recent antisemitic messaging on their platforms.