By Anita
Adidas has ended its partnership with Kanye West after he made a series of anti-Semitic remarks and embraced a slogan associated with white supremacists, earning him widespread condemnation.
The German sportswear giant stated on Tuesday, October 25, that it “does not tolerate antisemitism,” following the rapper’s suspension from Instagram and Twitter for offensive posts.
Adidas also stated that Kanye West’s recent comments and actions were “unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect, and fairness.”
The company said it would take a “short-term” €250 million (£217 million) hit to its earnings this year after deciding to discontinue the brand’s operations immediately.
It intends to halt production of West’s Yeezy brand products as well as all payments to the rapper and his companies.
According to Bloomberg, Adidas earned nearly $1.7 billion in revenue from the partnership in 2020, which was set to expire in 2026.
Adidas put the deal up for review following West’s contentious Paris show earlier this month, in which models walked the runway wearing “White Lives Matter” t-shirts.
Adidas’ decision comes after Balenciaga, Gap, and JPMorgan Chase all cut ties with West.
Kanye recently claimed that Adidas could not drop him, despite the fact that his comments prompted calls for a boycott.
