Adidas is said to end Kanye West partnership after controversies
BNN Bloomberg
Adidas AG will absorb a hit to earnings of up to €250 million (US$247 million) this year to end its partnership with Ye following a rash of offensive behavior from the rapper and designer.
The German sports company said it’s cutting ties with Ye, formerly Kanye West, with immediate effect, confirming an earlier story by Bloomberg News.
“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,” the company said in a statement.
Adidas will terminate the partnership with Ye, end production of Yeezy branded products and stop all payments to Ye and his companies, it said. The decision comes at a price: that line of sneakers accounts for almost half of Adidas’s profits, according to estimates from analysts.
