Sportswear giant Adidas has terminated their partnership with Ye, formerly Kanye West, over his anti-Semitic remarks.
“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,” Adidas said in a statement.
After a thorough review, the company has made 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.
The termination of the partnership is expected to have a short-term negative impact of up to ?250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter, Adidas said.
Adidas has made it clear that it is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership with the rapper. More information will be given as part of the company’s upcoming third quarter earnings announcement on November 9, the statement says.
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