Adidas on Tuesday cut all its ties with Kanye West after a series of anti-Semitic outbursts by the controversial rapper.
Adidas in its statement said that “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately. End production” of the highly successful “Yeezy” line designed together with West and “stop all payments to Ye and his companies”.
Adidas began a review of its relationship with West earlier this month after he appeared at a fashion show in Paris wearing a shirt with the slogan “White Lives Matter.”
Adidas said Tuesday that Mr. West’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 artist was associated with Nike for years but broke away in 2013, lending his name to Adidas as they launched their first Yeezy shoe together in 2015 — a partnership that went on to make him a billionaire.
In the arrangement, Mr. West lends the Yeezy brand to the company in return for royalties of about 15% of the sales of Yeezy products. Adidas designs and manufactures the products, and it also owns the designs, according to people familiar with the deal.
The German sportswear company had come under increasing pressure from human rights campaigners and entertainment world figures to stop working with West.
On October 7, Adidas initially announced that the partnership was “under review” after Ye took to Instagram to publicly accuse the company of copying his Yeezy footwear styles and releasing designs without his knowledge.
“The termination of the partnership with Kanye West is understandable and necessary. Financially, the termination is a heavy blow,” said Ingo Speich, head of sustainability and corporate governance at German fund manager Deka Investment, which holds 0.7% of Adidas. “It remains to be hoped that no further partnerships will be lost.”
Image credit: moguldom
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