Adidas on Tuesday ended its partnership with Ye, formerly known as Kanye West after the musician made a series of offensive and antisemitic comments.
Adidas said in a statement: “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.”
It said this would have a short-term negative impact of up to 250 million euros ($246 million) on net income in 2022 due to high seasonality in the fourth quarter.
It added that it was the “sole owner of all design rights to existing products as well as previous and new colorways under the partnership” and would provide more information during third-quarter earnings on Nov. 9.
source cnbc.com
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