Adidas on Tuesday became the latest company to sever ties with the rapper Kanye West over his antisemitic comments made over social media.
Adidas said it will terminate its relationship with West, who is now called Ye, immediately.
“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,” the company said in a statement.
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Adidas said it will end production of Yeezy branded products and stop all payments to Ye and his companies, and it will stop the adidas Yeezy business with immediate effect.
Adidas said it is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.
shares dropped 4% on Tuesday and have declined 61% this year.