Adidas has decided to terminate Kanye West’s partnership, which will end all productions, and will stop all payments to Kanye’s Yeezy brand immediately.
Adidas doesn’t condone Kanye’s recent rants and considers his actions and words very dangerous.
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.”
“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 colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022,” the statement continued.
CEO Ted Deutch, “We welcome this decisive if belated action by Adidas,” Deutch writes. “The company called his comments unacceptable and dangerous in ending West’s most lucrative business partnership. We agree. West has shown no remorse or contrition for his string of antisemitic remarks filled with hate and lies. He believed that as long as the money kept rolling in he could speak with impunity. Other companies that profit from associating with West must also disabuse him of that notion. West could have been a force for positive change, given his position of vast influence and power. Instead, he chose to go down a hate-filled path that has made him a pariah.”