The Death of The Adidas Deal Cost Kanye West Billionaire Status, According to Forbes

0

Adidas has severed relations with Kanye West because of the rapper’s anti-Semitic statements. The German company has also asked partners such as Foot Locker to stop selling the current Yeezy range.

Adidas, Kanye West ile işbirliğini bitirdi - BBC News Türkçe“I can say anti—Semitic shit, and Adidas can’t leave me,” the rapper said in an already deleted issue of the Drink Champs podcast. Ye has been working with Adidas since 2013 to create a highly profitable line of sneakers and other fashion products. Adidas earns about 10% of its sales from Yeezy products alone, which, according to Kanye, made him untouchable in the business sphere.

Adidas finally broke its silence on October 25, announcing “after careful consideration” that it was ending its relationship with E. “The company has decided to immediately terminate the partnership with Ye, cease production of products under the Yeezy brand and stop all payments to Ye and his companies. Adidas will immediately cease operations of Adidas Yeezy,” the press statement said.

Forbes estimated that Yeezy’s deal with Adidas is estimated at $1.5 billion, based on annual profits. Without this deal, Kanye’s fortune is estimated at about $ 400 million.
The rest of his net worth comes from real estate, cash, his music catalog and a 5% stake in Kim Kardashian’s fashion line Skims. A Skims representative told Forbes that since 2019 Kanye has had nothing to do with the brand other than his initial investment.

Forbes reports that when the rapper first got on the list in 2020, he wrote a text message in the publication and stated the inaccuracy. “It’s not a billion,” the rapper told the publication. “This is 3.3 billion, because no one at Forbes knows how to count,” the texts read. Since then, every year the rapper turned to the publication to correct his message about his condition. Forbes reports that Ye has sent a document for 2022 stating that the partnership with Adidas alone is worth $4.3 billion.

LEAVE A REPLY

Please enter your comment!
Please enter your name here