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- The German sportswear giant had faced pressure from the public and its own employees to cut ties with Ye.
- Adidas said this would have a short-term negative impact of up to 250 million euros ($246 million) on net income in 2022 due to high seasonality in the fourth quarter.
- Talent agency CAA confirmed it had dropped Ye as a client Monday, and he was let go by Balenciaga last week.
Adidas on Tuesday ended its partnership with Ye, formerly known as Kanye West, after the musician made a series of offensive and antisemitic comments.
Adidas on Tuesday ended its partnership with Ye, formerly known as Kanye West, after the musician made a series of offensive and antisemitic comments.
Adidas said in a statement: “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.”
“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.”
It said this would have a short-term negative impact of up to 250 million euros ($246 million) on net income in 2022 due to high seasonality in the fourth quarter.
It added that it was the “sole owner of all design rights to existing products as well as previous and new colorways under the partnership” and would provide more information during third quarter earnings on Nov. 9.
The German sportswear giant had faced pressure from the public and its own employees to cut ties with Ye, who said on a podcast on Oct. 16: “I can say anti-Semitic things, and Adidas can’t drop me. Now what?”
Calls on Adidas had also come from at least three legal organizations, as well as anti-racism groups. A petition set up by the Campaign Against Antisemitism urging Adidas to sever ties with Ye had gathered 169,100 signatures by Tuesday morning.
Talent agency CAA confirmed it had dropped Ye as a client Monday, and he was let go by Balenciaga last week.
Twitter and Instagram blocked him over antisemitic remarks. Conservative social media platform Parler then announced Ye had agreed to buy it.
CNBC has contacted representatives for Ye and has yet to receive a reply.
Full article: https://www.cnbc.com/2022/10/25/adidas-terminates-partnership-with-ye-following-rappers-antisemitic-remarks.html