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
Since 2013, when the business signed his brand away from rival Nike, Adidas has collaborated with West. Adidas increased their agreement with the rapper in 2016 and referred to it as “the most significant alliance ever forged between a non-athlete and an athletic brand.”
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.
— ADL (@ADL) October 24, 2022
Ye recently made anti-Semitic remarks on the Drink Champs Podcast, adding, “I can say antisemitic s*** and Adidas cannot drop me.”
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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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