German sportswear giant Adidas has ended its business relationship with Kanye “Ye” West after the artist made antisemitic statements and shared conspiracy theories.
In the wake of multiple offensive and controversial interviews, Adidas had said that its distribution deal for Ye’s Yeezy line was “under review.” On Tuesday, the company said: “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.”
It added that 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.”
It also shared some business details about the decision. “This is expected to have a short-term negative impact of up to €250 million ($246 million) on the company’s net income in 2022 given the high seasonality of the fourth quarter,” the firm said. “Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
CAA stopped representing the rapper and fashion mogul within the last month, a source told The Srdtf News on Monday. The Century City-based talent agency had worked with him, but his espousing antisemitic rhetoric in several recent interviews has proved indefensible to some business partners. With CAA ending its run with West, Hollywood’s major talent agencies — including WME and UTA — have supported calls to end working relationship with him.
Also on Monday, film and TV studio MRC said it was shelving a completed documentary focused on West in light of his comments. “This morning, after discussion with our filmmakers and distribution partners, we made the decision not to proceed with any distribution for our recently completed documentary about Kanye West,” CEOs Modi Wiczyk and Asif Satchu, as well as COO Scott Tenley, wrote in an open letter. “We cannot support any content that amplifies his platform.”