Adidas Terminates Kanye West Partnership, Ends All Yeezy Production and Stops All Payments to Ye
Following a month full of anti-Semitic rhetoric from Kanye West, the Three Stripes brand announced the move to cut ties with the controversial rapper on Tuesday (Oct. 25), effective immediately. The decision was revealed via statement on Adidas' website.
"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," the statement reads. "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 continues: "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."
In the wake of the news, American Jewish Committee CEO Ted Deutch issued a statement about the decision.
"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."
Kanye West has been a cash cow for the shoe giant since coming over from Nike in 2013, with his Yeezy line being a best-seller for the company. However, Ye brought his beef with Adidas to the public earlier this year when he accused the company of stealing his designs. In September, Kanye went further by trolling Adidas CEO Kasper Rørsted by posting a fake article that proclaimed Rørsted's death. Last month, Kanye compared his relationship with Adidas to co-parenting with Kim Kardashian.
Earlier this month, Adidas announced it was reviewing its partnership with Kanye, which prompted the rap star to again accuse the company of taking his designs. Shortly afterward, video surfaced of Ye showing Adidas brass porn during a business meeting.