adidas Officially Terminates Partnership with Kanye West

adidas has officially dissolved its association with Kanye West, effective immediately.

adidas said in a statement Tuesday that it “does not condone antisemitism or any other kind of hate speech,” adding that his recent statements were “unacceptable, vile, and deadly.” They were accused of violating Adidas’ “values of diversity and inclusion, mutual respect, and justice.”

Following a comprehensive investigation, the firm has decided to immediately terminate the agreement with Ye, cease manufacture of Yeezy branded items, and cease all payments to Ye and his enterprises. adidas will discontinue the adidas Yeezy business immediately.

Given the strong seasonality of the fourth quarter, this is likely to have a short-term negative effect of up to €250 million on the company’s net income in 2022.

Under the relationship, adidas is the exclusive owner of all design rights to current items as well as prior and future hues. More details will be provided in the company’s next Q3 results report on November 9, 2022.

 

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