December 2, 2022

German-owned Sport based brand, Adidas, has officially announced the discontinuation of its partnership with American rapper, Kanye West.

This is coming on the heels of Balenciaga’s abortion of the relationship and any plans for future projects with Kanye West.

Adidas disclosed this in a statement released on its website on Tuesday, the leading sport kits brand said it has taken the decision to terminate its partnership with The (Kanye West)

Adidas also announced that it is ending production of Yeezy branded products, and all payments to Ye and his companies.

The statement reads, “Adidas does not tolerate anti-Judaism 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.

The statement continued, “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.”

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x