Hip-hop mogul Ye, formerly known as Kanye West, is not the only one taking a huge financial hit from the fallout of his series of antisemitic remarks.
Following the plunge in the rapper’s estimated net worth from more than a billion to $400 million, a recent analysis by the Financial Times shows that Ye’s former partner Adidas also faces severe financial consequences.
Adidas has $530 million worth of Ye merchandise, which it hopes to unload at a steep discount. How the shoe company will manage that remains a mystery. Adidas employees have worried for years that the shoe giant was too reliant on the Yeezy brand.
The company previously announced it expected to lose $246 million in profit this year due to canceling the arrangement with Ye. Yeezy provided Adidas with an estimated $1.7 billion in annual revenue in 2021, or 8% of the total.
Adidas also revealed it had opened an investigation into Ye after reports surfaced that he had acted inappropriately with employees.
Ye began his series of antisemitic remarks in early October and has since lost sponsorships and partnerships including with Vogue, Balenciaga, Foot Locker, Gap and J.P. Morgan. JNS
Good for them. I hope they go bankrupt. Liberalism in commerce NEVER works. Is a company out to make money or are they out to correct all the worlds perceived evils? These corporations all feel the need to latch on to some African American celebrity, no matter how pathetic and poisoned they are. Can’t get rid of them because that would be RACIST. Oh, we have a black on board so we’re all hip and cool. Dumb stupid ignorant CEO’s.
Adidas has $530 million worth of Ye merchandise, which it hopes to unload at a steep discount. How the shoe company will manage that remains a mystery.
When asked how Adidas will manage to unload all those shoes, an Adidas spokesman told reporters: “Well, judging from the thousands upon thousands of social media posts and comments online, and the various banners all across the country, it seems there is an abundance of anti-semites and Kanye/Hitler admirers out there. Those are the customers we’ll be targeting with these shoes.”
“In fact,” the spokesman added, “I believe we can sell the shoes at a premium price to the Hitler/Kanye crowd! In fact, I believe we can sell these shoes to them for double or tripple the usual price. These Yeezy shoes might actually turn out to be a bonanza for Adidas! It seems crazy, but good things happen in strange ways!”
surves them right get that yeezy trash out of here and sell it for 3000 a pair to the germans
Let’s be honest, as soon as they discount the merchandise, it will sell out to unzerer. Oh, the irony:)
Easy fix. Change YEEZY TO YEEDIN and sell at 80% off to Jewish kids heading off to camp.