Gap is removing all Yeezy Gap products from its stores and retailer’s e-commerce siteRegarding anti-Semitic comments by Yeh, the rapper formerly known as Kanye West.
In September, West, with his attorney telling CBS MoneyWatch at the time that Gap failed to meet certain contractual obligations. In a statement on Tuesday, Gap cited Ye’s “recent comments and behavior” as the reason for shutting down YeezyGap.com and removing Yeezy Gap merchandise from stores.
“Animosity, racism and hatred in any form are inexcusable and will not be tolerated in line with our values,” the clothing chain said. “On behalf of our customers, employees and partners, we partner with organizations that fight hate and discrimination.”
In 2020, Gap and the hip-hop star signed what was supposed to be a 10-year deal under which he would design Yeezy-branded merchandise in Gap stores. West received royalties based on sales of Yeezy merchandise and Gap stock.
Gap’s move to distance himself from Ye marks a commercial fallout for the artist after several semitic comments. Facing public pressure to cut ties with the West, German sports giant Adidas said on TuesdayAbout his comments with him.
“Adidas does not tolerate anti-Semitic or otherwise hateful speech,” the company said in a statement. “Your recent comments and actions were unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
Earlier this month, you tweeted a threat that he was going to “die.” [sic] con 3″ about the Jewish people, referring to the defensive preparations used by the US military. He also released a screenshot of a text exchange with Sean “Daddy” Coombs in which he suggested that Coombs Controlled by Jews.
West recently suggested that slavery was a choice and called the COVID-19 vaccine the “mark of the beast,” among other controversial comments. He was also criticized for wearing itShowcase his Yeezy collection in Paris. The phrase has been adopted and promoted by white supremacist groups and sympathizers, according to the Anti-Defamation League.
Effect on intangible assets
In 2021, Bloomberg ranked West as the richest black American, with a net worth of $6 billion. At the time, between $3.2 billion and $4.7 billion in net worth came from West’s partnerships with Gap and Adidas, according to investment bank UBS.
But the impact on Ye’s wealth is unclear as other former business partners return. Your talent agency, CAA, tooThis week, and MRC Studios announced on Monday that it is securing a documentary about him.
“Early this morning, after discussions with our filmmakers and distribution partners, we have decided not to pursue any distribution for our recently completed documentary about Kanye West. We are unable to support any of that content. to expand his platform.” MRC said in a statement.