In response to a slew of unpleasant actions by the American rapper and designer, Adidas AG (ADSGn.DE) announced on Tuesday that it is immediately ending its collaboration with Kanye West.
The German business added, ‘Adidas does not allow antisemitism and any other form of hate speech.’
It used the rapper’s name and wrote, ‘Ye’s recent words and actions have been inappropriate, hateful, and dangerous, and they contravene the company’s principles of diversity and inclusion, mutual respect, and justice.’
An inquiry for comment was not answered by a lawyer for Kanye West.
Adidas stated that terminating the partnership, ceasing production of Yeezy-branded goods, and ceasing all payments to Ye and his businesses will ‘have a short-term negative impact’ of up to $250 million on the company’s net income this year, in part because the Christmas quarter typically experiences higher demand.
Adidas reviewed the agreement earlier in October ‘after numerous attempts to resolve the matter confidentially.’
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