German-based Adidas has announced its ending its relationship with Ye (formerly known as Kanye West), effective immediately. The news follows the company’s announcement two weeks ago that it had placed the Yeezy contract under review.
Pinning the termination on Ye’s antisemitic remarks, a press release read, “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.”
Making note of the timeline as “effective immediately,” the company added it would end production of Yeezy branded products and stop all payments to Ye and his companies.”
Adidas stated the termination of the deal would have an impact of up to €250 million on the company’s net income in 2022. It did not provide figures on the financial impact for 2023. The company noted it will provide further details on its upcoming earnings call on November 9, 2022.
Indicating Adidas has the rights to all Yeezy silhouettes, the company noted it’s “the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”