Adidas has announced it is ending its relationship with Ye (Kanye West.) “Adidas 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 German sportswear company said in a statement. “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.”
Andrew Eborn on BBC Radio Ulster discusses the implications and next steps.
Adidas will stop producing all Yeezy products immediately. “This is expected to have a short-term negative impact of up to €250 million [$246 million] on the company’s net income in 2022 given the high seasonality of the fourth quarter,” the statement said.
Back in 2016, Adidas said its work with Ye was the “most significant partnership created between a non-athlete and a sports brand”.
Forbes magazine estimates the loss of the Adidas partnership has cut Ye’s net worth from $1.5bn to $400m.
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