adidas terminates Yeezy partnership
Under growing pressure to cut ties with the Yeezy founder, Ye, due to a series of antisemitic statements, the sportswear giant has terminated the Yeezy partnership
This decision means that all Yeezy branded products will no longer be produced and all payments to Ye and his companies have ceased. As a result, adidas is expecting a short-term negative impact of up to 250 million euros on the company's net income in 2022. adidas is only the latest company to sever ties with the rapper formerly known as Kanye West, after brands such as Balenciaga, which belongs to the French conglomerate Kering, and Gap.
"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 on the company's website.
The German sporting goods firm added, though, that it is the sole owner of all design rights to existing products as well as previous and new colourways under the partnership, and that more information will be given on the 9th of November, as part of the company's third quarter results announcement.
Image Credits: irishexaminer.com
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