After stringent calls for the German sports giant Adidas to sever its ties with Ye (Kanye West), the company, who 'does not tolerate antisemitism', has made it effective today.
Adidas Terminates Partnership With Ye Immediately
A few moments earlier: "I can say anti-Semitic things, and Adidas can't drop me," said Ye, on the now-deleted (Oct. 16th) episode of Drink Champs.
Meanwhile, Adidas AG (stylised as adidas) is to discontinue its association with Ye, formerly known as Kanye West, 45, after a slew of hateful outbursts concerning "White Lives Matter" and Jewish people. Addressing him by name in a press release, the German multinational corporation from Herzogenaurach, Bavaria, said:
"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."
Continuing: "After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the adidas Yeezy business with immediate effect."
How Will This Affect Adidas Earnings?
After cutting ties with Ye (Kanye West), adidas announced "short-term negative" impacts "concerning €250 million on the company’s net income in 2022," involving "the high seasonality of the fourth quarter." Adidas AG remains "the sole owner of all design rights to existing products as well as previous and new colorways under the partnership".
There will be an upcoming Q3 earnings announcement on November 9, 2022, where more information will be disclosed. Echoing sentiment, the news comes after multiple companies including talent agency CAA (Create Artists Agency), and designer fashion house, Balenciaga, dropped him.
In addition, his ex-wife (and mother of four), Kim Kardashion, 42, denounced "hate speech" whilst standing by the Jewish community. "Hate speech is never OK or excusable," she began in a Twitter post.
Adding: "I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end".
How Did Ye (Kanye West) Get Here? #WhiteLivesMatter!
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