- 26 Oct 22
The decision is expected to have a "negative impact of up to €250 million on the company's net income in 2022"
In the wake of Kanye West's widely condemned antisemitic comments and other controversial behaviour, Adidas have become the latest company to terminate their partnership with the rapper.
The rapper had been working with the sportswear company on their Adidas Yeezy fashion collaboration since 2015.
Adidas announced they were cutting ties with West in a press release yesterday evening, stating that the company "does not tolerate antisemitism 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," the statement continued.
"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."
Adidas expect that terminating the partnership will have "a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter."
Several other companies, including Balenciaga, Vogue, Gap, JPMorgan Chase, and talent agency CAA, have also severed ties with West in recent days.
Following a string of controversial remarks and actions this year, West took to Twitter earlier this month, stating he was going to go "death con 3 on Jewish people". He also suggested rapper P. Diddy was controlled by Jewish people.
This week, West's ex-wife Kim Kardashian stated on social media that "hate speech is never OK or excusable."
"I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end," she continued.
Hate speech is never OK or excusable. I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end.
— Kim Kardashian (@KimKardashian) October 24, 2022
West also sparked major controversy earlier this month after wearing a shirt featuring the slogan 'White Lives Matter' – a phrase often used by white supremacists in response to the Black Lives Matter movement.
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- 03 Nov 22