Apparels giant Adidas has cut down ties with American rapper Kanye West also known as Ye. This comes after the celebrated rapper, producer and designer made some remarks they thought to be anti-Semitic. The rapper had said that most of the wealth in America is held by a few Jews who want to control everything including the media.

Adidas announced that they will be pulling down the collaboration’s Yeezy products from their stores with immediate effect.  The clothing giant had previously revealed that its collaboration with Ye was the most successful in the company’s history.

Cutting the partnerships come with a financial implication on Adidas as the company will have to endure a net loss of £217m in 2022 as a result. The Yeezy brand has been accounting for about 10% of Adidas annual sales. Ye,  had previously accused Adidas of stealing his designs in a now-deleted Instagram post.

Adidas whose share price has taken an 8% hit, joins a growing list of companies and organizations that have “cancelled” the multi talented artist.  GAP also an apparels company has cut their ties with the rapper.

“Antisemitism, racism and hate in any form are inexcusable and not tolerated… We are partnering with organizations that combat hate and discrimination,” Gap said on its Instagram account, @yeezyxgap.

High-end fashion house Balenciaga, bank  JP Morgan and talent scouts Creative Artists Agency also cut ties with Ye earlier in October. Film and television production company MRC said on Monday it will not be airing its recently completed documentary on the rapper

“Kanye is a producer and sampler of music. Last week he sampled and remixed a classic tune that has charted for over 3,000 years – the lie that Jews are evil and conspire to control the world for their own gain… As leaders of this company (a Jew, a Muslim, and a Christian), we feel duty bound to say to all of you this is a pernicious, terrible use of false logic,” MRC wrote a statement on Monday

The rapper has also lost his position in Forbes magazine’s list of billionaires. The magazine estimates the loss of the Adidas partnership has cut Ye’s net worth from $1.5bn to $400m.