Adidas Finally Cuts Kanye Loose
• UPDATED: Adidas is officially ending its business relationship with Kanye West (now known as Ye) at a cost of nearly $250 million following a weekend of intense pressure to drop the artist following a string of recent antisemitic remarks. In a statement, the company stated, “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.” The statement continued, “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.”
According to Adweek, Adidas confirmed it would stop the Adidas Yeezy business with an “immediate” effect. The brand, which has lowered its financial forecast a number of times in the past few months, predicted the break with West would result in a “short-term” negative impact of up to $246 million on profits in the final quarter of 2022.
It was just last weekend when Adidas released a new sneaker under the Yeezy name, and as late as Monday, Oct. 24, Yeezy and Adidas were still advertising active roles on LinkedIn including a brand position based in L.A.
Other brands, including Spanish fashion house Balenciaga, have cut associations with the artist in the past week. On Monday, his longtime agent CAA dropped him as a client, and a documentary from MRC was also shelved with producers saying they could not “support any content that amplifies his platform.”
• Hours later, TheWrap.com reported that Gap announced it was pulling its Yeezy Gap line from stores and shuttered the YeezyGap.com website. In a statement, Gap said, “Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap product from our stores.” In September, Gap Inc. and Ye’s Yeezy fashion line had announced the termination of a 10-year partnership signed two years ago.
