Adidas cuts all ties with Kanye West over hate speech.
Kanye West’s recent statements continue to affect his business partnerships as Adidas has announced that they have cut all ties with the rapper. The decision comes after the Donda rapper was dropped by the talent agency CAA.
“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,” it reads in a statement by Adidas.
“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.”
They also revealed that the decision will have a short-term negative impact of €250 million on the company’s net income.
And there it is. Adidas officially announces it’s dropping its partnership with Kanye West.
Two very long weeks later. pic.twitter.com/krZH0kCYfl
— Charlotte Clymer 🏳️⚧️🇺🇦 (@cmclymer) October 25, 2022
Kim Kardashian Condemns Hate Speech Amid Kanye West’s Anti-Semitic Remarks
The rapper’s anti-semitic remarks prompted some people to hold a sign on the Los Angeles freeway, with the quote “Kanye is right about the Jews” and give a Nazi Salute.
Today on the 405 in Los Angeles. We are waiting @adidas. pic.twitter.com/C39gLLu4Wb
— Shannon Watts (@shannonrwatts) October 23, 2022
After the announcement on Tuesday, Adidas shares fell more than 7%, reaching their lowest level since 2016. Since Ye started his most recent spree of outrageous behavior, the company’s stock has dropped more than 20%.
Ye has been working with Adidas since he left Nike, and the company has endured numerous public jabs from the musician. One of the biggest sources of Ye’s riches is his collaboration with Yeezy, Ye’s brand that sells sneakers and clothes, which is thought to be worth billions.
Working with Ye for Adidas offered the brand a lift in creative cool and legitimacy that aided in luring high-fashion partners like Gucci and Balenciaga.
