It’s official, adidas has ended its partnership with Kanye West, with immediate effect.
In a statement Tuesday, adidas said it “does not tolerate antisemitism and any other sort of hate speech” and said that his recent comments were “unacceptable, hateful and dangerous.” Adidas said they violated 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.
This 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 is the sole owner of all design rights to existing products as well as previous and new color-ways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.