Popular sporting goods maker, Adidas, is ending its partnership with Kanye West.
The company announced this in a statement Newshuntermag.com came across on Tuesday, October 25, 2022.
“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,” they said.
The termination of the partnership will affect the production of Yeezy branded products, as well as stopping all payments to Ye and his companies will “have a short-term negative impact” of up to $250 million” on Adidas’ net income this year, the company stated, partially as the Christmas quarter tends to see greater demand usually.
The partnership was being reviewed by Adidas earlier in October “after repeated efforts to privately resolve the situation.”
Because of his recent outburst on social media, the renowned rapper has had major corporate tie-ups being ended.
His Twitter and Instagram accounts were even restricted. Social media platforms also removed some of his online posts that were condemned by users as antisemitic.
In a post which has now been deleted, the American rapper and businessman accused Adidas and U.S. apparel retailer Gap Inc (GPS.N) of failing to build contractually promised permanent stores for products from his Yeezy fashion line.