German-owned brand Adidas has officially announced the termination of its partnership with American rapper Kanye West.
Vanguard had earlier reported Balenciaga was no longer in any relationship nor plans for future projects related to Kanye West.
In a statement released on the brand’s website on Tuesday, Adidas said it has taken the decision to terminate its partnership with Ye.
It also announced it is ending production of Yeezy branded products, and all payments to Ye and his companies.
The statement reads, “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.
“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.
The statement continued, “This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.
“Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”