CNN Business in New York — Ye, who is also known as Kanye West, is no longer working with Adidas as of “right now.”
In a statement released on Tuesday, the sportswear company said that it “does not tolerate antisemitism or any other kind of hate speech” and that his recent comments were “unacceptable, hateful, and dangerous.” Adidas said that they went against the company’s “values of diversity and inclusion, mutual respect, and fairness.”
His Yeezy products are no longer being sold or made, and Ye and his companies are no longer getting paid. Adidas said that its fourth-quarter sales will drop by €250 million ($246 million). On March 3, 2022, in Miami, Florida, Kanye West is seen leaving his hotel.
Since 2013, when Adidas took West’s brand away from rival Nike, they have been working together. Adidas grew its relationship with the rapper in 2016, calling it “the most important partnership ever made between a non-athlete and an athletic brand.”
But when he wore a “White Lives Matter” T-shirt in public at the beginning of October, Adidas put the “partnership under review.” The Anti-Defamation League calls this a “hate slogan” because it is used by White supremacist groups like the Ku Klux Klan.
Ye recently said, during a rant against Jews on the Drink Champs Podcast, “I can say antisemitic s*** and Adidas can’t drop me.” He also said “Go death con 3 on Jewish people” on Twitter.
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Jonathan Greenblatt, the head of the Anti-Defamation League, called Adidas’s decision a “very good outcome.”
“It shows that antisemitism is wrong and that it has consequences. Adidas did the right thing by cutting ties with Ye after his hateful comments about Jews, he said in a statement. “In the end, what Adidas did sends a strong message that bigotry and anti-Semitism have no place in society.”
Earlier on Tuesday, he said on CNN that he wished it had happened sooner, but Adidas “has made a very strong statement that people are more important than profits.”
In Frankfurt, shares of Adidas (ADDDF) fell as much as 5%. Adidas (ADDDF) said that it will give more details about the financial effects of ending its partnership with Ye in its next earnings report, which will be released on November 9.
Brands broke up-
More and more brands are getting away from Kanye West. Balenciaga and Vogue broke up in public last week, and on Monday, CAA stopped representing West. A documentary about West will not be made, said MRC, a company that makes movies.
Also on Tuesday, Gap said it would stop selling Yeezy Gap products and shut down YeezyGap.com.
“Our former partner’s recent comments and actions show this even more. The store said in a statement, “We are taking steps right away to get rid of Yeezy Gap products.”
The rapper said last month that he was breaking up with the Gap because of “substantial noncompliance.” Ye’s lawyer said in a statement that Ye felt he had “no choice but to end their collaboration” because the company didn’t open Yeezy-branded stores and distribute his goods as planned.
Neil Saunders, managing director of GlobalData, wrote in a note on Tuesday that the problems with Ye, not just with Adidas but also with Gap and Balenciaga, show how important it is to check out celebrities carefully and avoid those who are too controversial or unstable.
“There can be tension in fashion, but it should never cross the line of decency and basic respect for people. Companies or brands that don’t pay attention to this will get hurt, especially if they depend too much on a tough person to run their business,” he said.
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