Adidas declared on Tuesday morning that it had immediately ended its contract with Ye and will cease operations for the adidas YEEZY brand with immediate effect, in a press release. The German sportswear giant said they’ve had enough. The brand is formally cutting relations with Ye with immediate effect after a slew inappropriate actions from the rapper and designer.
“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 company said in a press release Tuesday October 25th. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.
The company’s net income for the current fiscal year would drop by as much as €250 million. adidas AG’s stock has dropped from almost €118 to €95 just in the last week. Since the beginning of 2020, The Three Stripes has experienced financial difficulties, which were made worse by its partnership with Kanye West.
Keep notifications on as more info comes in about the situation we will keep you updated.
UPDATE: 10.26.22 adidas has stated they will continue releasing Yeezy models at the beginning of 2023 without YEEZY branding.
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They stop production but they have rights to new yeezy models ? What does that even mean?
Can you capitalize the A in Adidas? Lol.
Their logo and name is all lowercase