Adidas has terminated their partnership with Kanye West amidst his anti-semitic rants.
This is a major blow to the rapper and fashion mogul, who has already lost some big partnerships due to his recent controversies.
There have already been calls for Adidas to severe their ties with Kanye much earlier, particularly after Kanye declared on October 16:
“I can say anti-Semitic things, and Adidas can’t drop me. Now what?”
As it turns out, Adidas could very well drop him — and they did.
In a statement announcing their termination of partnership with Kanye, Adidas said:
“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.”
CNBC reported that in the short-term, Adidas is set to lose approximately 250 million Euros in net income — translating to about $246 million.
