Adidas has announced it is ending its long-term partnership with Kanye West, following his anti-semitic remarks across social media. The company had been put under pressure to join both Gap and Balenciaga and cut ties with the rapper.
The brand revealed that it expected to make a loss of up to €250 million after ending the contract – the deal was originally set to expire in 2026.
A statement published on the Adidas website reads: “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.
“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 colourways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
Kanye West caused controversy earlier in October by debuting ‘White Lives Matter’ T-shirts at his show at Paris Fashion Week, before publicly mocking Vogue journalist Gabriella Karefa-Johnson after she criticised his actions on Instagram.
He later began making disturbing anti-semitic comments across his social media platforms, prompting increased incidents of anti-semitic hate in the US. His ex-wife Kim Kardashian has since spoken out against his comments following the backlash, posting on Instagram and Twitter: “Hate speech is never OK or excusable. I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end.”