After remaining silent for days following Kanye “Ye” West‘s series of antisemitic remarks, Adidas has finally terminated its long-standing and highly lucrative partnership with the musician and his Yeezy brand, effective immediately.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the German company announced today (Oct. 25) “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.”
Adidas and West have been in business together since 2013 and expanded their partnership three years later, making the artist a billionaire. Production has stopped on all Yeezy-branded products, as have “all payments to Ye and his companies,” according to Adidas, which remains “the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
Adidas put the partnership “under review” earlier this month after West wore a “White Lives Matter” T-shirt in public but was criticized for not taking more decisive action when West continued to make antisemitic comments in interviews. West has since been dropped by Balenciega and talent agency CAA, while media company MRC shelved a completed documentary on him.
Adidas said today’s decision “is expected to have a short-term negative impact of up to” $246 million on the company’s net 2022 income, “given the high seasonality of the fourth quarter.” Further information will be provided during its third quarter earnings announcement on Nov. 9.