Sports brand Adidas has terminated its partnership with rapper Kanye West over his anti-Semitic comments in a move it estimates will impact its bottom line by up to $246 million this year alone, 'Variety' reports, quoting a company statement released on Tuesday.

The sneaker brand, referring to West by his 'Ye' pseudonym, said in the statement: "Adidas does not tolerate anti-Semitism 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."