ADIDAS AND KANYE WEST END PARTNERSHIP
Adidas claimed to have "thoroughly reviewed" their relationship with Yeezy and anticipates losing $246 million in net profits this year as a result of terminating the agreement.
Adidas has ended all business with Kanye West as a result of his recent prejudiced and anti-Semitic remarks, ending his largest corporate partnership.
Ye's recent remarks and actions, according to the German shoe giant, "have been unacceptable, hazardous, and in violation of the business's values of diversity and inclusion, mutual respect, and justice."
Adidas claims it "will cancel the agreement with Ye, end manufacture of Yeezy branded products, and stop all payments to Ye and his enterprises" as a result.
The revelation comes in the midst of intense international pressure on Adidas to at the very least denounce Kanye for repeatedly using anti-Semitic stereotypes whenever a microphone has been in his face over the past few weeks. He also exhibited "White Lives Matter" T-shirts at Paris Fashion Week during this chaotic and unsettling phase, and he asserted that George Floyd actually died from fentanyl rather than Derek Chauvin's knee.
Over the weekend, the hashtag #boycottadidas was popular on Twitter, particularly after the brand announced the release of new Yeezy sneakers. Adidas remained silent, other than to declare their connection was "under review," while other businesses, like Balenciaga and Vogue, had already severed ties with the wealthy rapper and fashion designer.
That review actually had nothing to do with Ye's recent outbursts; the two had previously broken off their connection after he openly accused them of copying his designs for non-Yeezy branded items for months.
Ye acknowledged on Friday night that his extremely lucrative contract with Adidas was on the line, despite ranting that any response against him just served to validate his earlier anti-Semitic claim that Jews controlled Hollywood and the banks.
In 2013, Adidas and Kanye began working together, and it is widely believed that Adidas' Yeezy brand gave the shoe industry a new lease on life. The company may have well-known sportsmen like James Harden, Lionel Messi, and Damian Lillard as brand ambassadors, but Ye's designs were crucial to the business' recent success, and Adidas' support allowed him to take Yeezy well beyond sneakers.
Adidas served as both the maker and distributor of Yeezy sneakers and athletic wear, therefore Kanye doesn't currently have a market for his products.