Adidas joins Balenciaga, ends partnership with Kanye West.
Adidas AG is ending its partnership with Ye following a rash of offensive behavior from the rapper and designer that turned a once-thriving shoe brand into a lightning rod for criticism.
The German sports company said it’s cutting ties with Ye, formerly Kanye West, with immediate effect, confirming an earlier story by Bloomberg News. The company will take a hit of as much as €250 million ($246.5 million) to net income in the current fiscal year.
“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 company said in a statement.
Adidas will terminate the partnership with Ye, end production of Yeezy branded products and stop all payments to Ye and his companies, it said.
Adidas joins Gap Inc. and Kering SA’s Balenciaga fashion label in severing links with Ye. The rapper has made controversial statements, including antisemitic social media posts in recent weeks, and has moved to cut ties with his corporate partners. Ye couldn’t immediately be reached for comment.
Adidas shares, already weighed down by the controversy, fell as much as 4.5% in Frankfurt trading, reaching the lowest since 2016.
Source: ameyawdebrah.com
