Adidas with “instant effect” halted its collaboration with Ye, popularly known as Kanye West. The sportswear manufacturer stated in a statement on Tuesday that it “does not allow antisemitism and any other type of hate speech”
and that his most recent remarks were “unacceptable, vile, and dangerous.” The company’s “values of diversity and inclusion, mutual respect, and fairness” were broken, according to Adidas.
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Payments to Ye and his businesses have also ceased, along with sales and production of his Yeezy-branded goods. Adidas estimated that its fourth-quarter sales will suffer a €250 million ($246 million) impact.
(Reuters) – Adidas AG plans to end its partnership with American rapper Kanye West, who now goes by Ye, following a rash of offensive behaviour from the performer and designer, Bloomberg News said on Tuesday, citing people familiar with the matter.https://t.co/poS6ePjOUU
— Carl Quintanilla (@carlquintanilla) October 25, 2022
Adidas, however, put the “relationship under review” in the beginning of October after he appeared in public wearing a “White Lives Matter” T-shirt. The statement is referred to as a “hate slogan” by organisations that support White supremacy, such as the Ku Klux Klan, according to the Anti-Defamation League.
Thank you, @DavidSchwimmer and @JoshGad for speaking out and encouraging others to #RunAwayFromHate! https://t.co/6ioWbW8Na9
— ADL (@ADL) October 24, 2022
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The number of companies separating themselves from West is expanding. West’s representation by the talent agency CAA was terminated on Monday. Balenciaga and Vogue openly severed their relations last week. A documentary on West has been shelved, according to production company MRC.
In Frankfurt, Adidas stock dropped by around 5%. In its next earnings report on November 9, Adidas said it will provide further information regarding the financial ramifications of ending its association with Ye.
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