German sportswear giant Adidas has ended its business relationship with Kanye “Ye” West after the artist made dissenting statements and shared conspiracy theories.
After many controversial and derogatory interviews, Adidas has said that its distribution contract for Ye’s Yeezy line is “under review”. On Tuesday, the company said: “Adidas does not tolerate anti-Semitism and any other form of hate speech. Ye’s recent comments and actions are unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness. plain. ”
It added that after “a thorough review,” the company “made the decision to terminate its cooperation with Ye immediately, cease production of Yeezy-branded products, and cease all payments to Ye.” and his companies. Adidas will discontinue the Adidas Yeezy business with immediate effect.”
It also shared some business details about the decision. “This is expected to have a short-term negative impact of up to 250 million euros ($246 million) on the company’s net income in 2022 due to the high seasonality of the fourth quarter,” the company said. know. “Adidas is the sole owner of all design rights to the existing products as well as the previous and new colors in the partnership.”
The CAA stopped representing the rapper and fashion mogul last month, a source said The Hollywood Reporter in Monday. The Century City-based talent agency has worked with him, but his disapproval in several recent interviews has proved invincible to some. business cooperation. With the CAA ending its run against West, major Hollywood talent agencies – including WME and UTA – backed calls to end their working relationship with him.
Also on Monday, TV and film studio MRC said it was pausing a complete Western-focused documentary in his remarks. “This morning, after discussions with our filmmakers and distribution partners, we have decided not to continue with any distribution for our recently completed documentary film. us about Kanye West,” CEOs Modi Wiczyk and Asif Satchu, as well as COO Scott Tenley, wrote in an open letter. “We cannot support any content that amplifies his platform.”