December 3, 2022

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Kanye West: Adidas ends partnership with Ye

Kanye West: Adidas ends partnership with Ye


New York
CNN Business

adidas finished file Partnership with Yialso known as Kanye West, with “instant effect”.

In a statement on Tuesday, the sportswear maker said it “does not tolerate anti-Semitism and any other type of hate speech” and said its recent comments were “unacceptable, hateful and dangerous”. Adidas said it violated its “company values ​​of diversity, inclusion, mutual respect and fairness.”

Sales and production of his Yeezy-branded products as well as payments to Ye and his companies have ceased. Adidas said it will cost its fourth-quarter sales of 250 million euros ($246 million).

Adidas has been partnering with West since 2013, when the company signed his brand apart from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most important partnership ever created between a sports and non-sports brand.”

But adidas put the partnership under review in early October after the “White Lives Matter” jersey was worn in public. The Anti-Defamation League classifies the phrase as a “hate slogan” used by white supremacist groups, including the Ku Klux Klan.

Recently, Ye said “I can say anti-Semitic words and adidas can’t bring me down,” during an anti-Jewish sermon on the Drink Champs Podcast. he is too Threatened on Twitter to “Go death con 3 on JEWISH PEOPLE.”

Jonathan Greenblatt, chief executive of the Anti-Defamation League, said Adidas’ decision is a “very positive outcome”.

It shows that anti-Semitism is unacceptable and leads to consequences. “Without a doubt, adidas did the right thing by severing ties with Ye after his vicious antisemitic remarks,” he said in a statement. “In the end, adidas’ work sends a powerful message that anti-Semitism and bigotry have no place in society.”

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He added on CNN earlier Tuesday that he hopes that happens sooner, but that adidas “made a very strong statement putting people on the profits.”

adidas stock

(ADDDF)
It fell 5% in Frankfurt. Adidas

(ADDDF)
It said it will release additional information about the financial implications of canceling its partnership with Ye in its upcoming earnings report on November 9.

The list of brands that are distancing themselves from the West is growing. Balenciaga and Vogue publicly cut ties last week, and on Monday, they dropped talent agency CAA West as a client. Production company MRC said it is suspending a documentary about the West.

Also on Tuesday, Gap announced that Yeezy Gap Merchandise Clearance from his stores and shut down YeezyGap.com.

“Recent observations of our former partner and his behavior confirm why. We are taking immediate steps to remove the Yeezy Gap product,” the retailer said in a statement.

Last month, the rapper said he had ended his two-year strained relationship with Gap, citing a “major noncompliance.” Ye said he was left with “no choice but to end their cooperation,” alleging that the company did not open Yeezy-branded stores and distribute his merchandise as planned, his attorney said in a statement.

Epic Ye, not just with Adidas but with brands like Gap and Balenciaga, “emphasizes the importance of rigorously vetting celebrities and avoiding those who are controversial or overly unstable,” GlobalData managing director Neil Saunders wrote in a note Tuesday.

“Although there is room for some tension in fashion, this should never cross the line of basic decency and respect for humanity. Companies or brands that do not pay attention to this will be shocked, especially if they become overly dependent on a difficult personality to conduct their business,” he added. .

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CNN Business’s Barriga Cavilans and John Sarlin contributed to this report.