Adidas cuts ties with controversial rapper Ye
By Michele Maatouk
Date: Tuesday 25 Oct 2022
(Sharecast News) - German sportswear brand Adidas confirmed on Tuesday that it has ended its partnership with Kanye West - who now goes by just Ye - after the billionaire rapper and fashion designer made antisemitic comments.
"Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a statement. "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.
"After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the adidas Yeezy business with immediate effect."
The move is expected to dent net income this year by up to €250m, given the high seasonality of the fourth quarter, it said.
Adidas noted that it is the sole owner of all design rights to existing products as well as previous and new colourways under the partnership.
Ye, who is still in the process of settling his divorce from reality TV star and billionaire businesswoman Kim Kardashian, has been the subject of much controversy in recent weeks.
Earlier this month, he caused a storm when he wore a 'White Lives Matter' T-shirt at a Yeezy fashion show. He was also kicked off Twitter and Instagram after making antisemitic remarks, and there had been growing calls for Adidas to drop him.
Other brands such as Gap, Kering and Balenciaga had already cut ties with West.
Adidas had partnered with West since 2013, when the company signed his brand away from rival Nike.
At 1350 BST, Adidas shares were down 5.8% at €97.80.
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