October 25, 2022
announced it would terminate its partnership with Kanye West, effective immediately, after West made headlines for his antisemitic remarks.
“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.”
In the statement, adidas revealed that the move is expected to have a short-term negative impact of up to €250 million ($248,925) on the company’s net income in 2022 given the high seasonality of the fourth quarter.
Other companies working with West have also cut ties with the rapper. Talent agency,
adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the now-terminated partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on Nov. 9.
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