Sports brand Adidas has terminated its partnership with rapper Kanye West over his anti-Semitic comments in a move it estimates will impact its bottom line by up to $246 million this year alone, `Variety` reports, quoting a company statement released on Tuesday.
The sneaker brand, referring to West by his `Ye` pseudonym, said in the statement: “Adidas does not tolerate anti-Semitism 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 move follows West`s repeated attacks on the Jewish community in recent weeks. Earlier this month he posted on social media that, among other things, he planned to go “death con 3 on Jewish people”.
This was followed by an appearance on Revolt TV`s “Drink Champs” talk show, where he went on an anti-Semitic tirade. Following West`s comments, a banner was hung by a white supremacist group above the 405 freeway in Los Angeles reading “Kanye is right about the Jews”.
West and the sports company first joined forces for a fashion collaboration — known as Adidas Yeezy — seven years ago.
Adidas said, according to `Variety`, that after undertaking a “thorough review” it had decided to end the partnership, stop producing Yeezy-branded products and cancel all payments to his companies.
“Adidas will stop the Adidas Yeezy business with immediate effect,” the statement said.
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Citing the “high seasonality of the fourth quarter” — which includes Black Friday and Christmas — the brand has estimated that terminating the Yeezy partnership will negatively impact Adidas`s net income in 2022 by 250 million euros, although the company added it expects the dip to be short-lived.
Adidas also added in the statement that it is the “sole owner of all design rights” under the partnership, which, `Variety` notes, is no doubt a warning to West`s camp, should the rapper attempt to reproduce the designs with a new manufacturer.
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