Adidas announced Tuesday its business partnership with billionaire rapper Ye, formerly known as Kanye West, is over.
The German sportswear manufacturer issued a statement outlining its reasons for ending the commercial relationship. It read:
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.
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.
Adidas further detailed this would have a short-term negative impact of up to $246 million on net income in 2022 due to high…