“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement Tuesday.
Adidas has cut ties with Ye, formerly known as Kanye West, after facing pressure to end its partnership with the rapper in the wake of his antisemitic comments.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement Tuesday. “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 German athletic brand said the decision to terminate its partnership with Ye “immediately” came after a “thorough review.”
Adidas, which began its partnership with Ye in 2013, said it will 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 said.
The move is anticipated to have a “short-term negative impact of up to 250 million euro,” or about $246 million USD, on the company’s net income in 2022, the company said.
The decision comes following mounting pressure from people online demanding the company end its relationship with the artist after an antisemitic hate group was accused of hanging a banner over a Los Angeles freeway Saturday that read “Kanye is right about the Jews.”
The banner was condemned by a slew of local politicians, social media users and celebrities.