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On Tuesday, German sportswear company, Adidas, issued a press release announcing that it was terminating its partnership with rapper, Ye, formally Kanye West over his recent anti-Jewish comments on social media. The press release read:
Adidas does not tolerate antisemetism 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 adn 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. Addias will stop the Adidas Yeezy buisenss with immediate effect.
On October 16, West announced on a podcast, "I can say anti-semitic things, and Adidas can't drop me. Now what?"
West's comments drew backlash from Adidas employees who began calling for the company to cut ties with the rapper.
West declared that black people were held back by Jewish owners and managers.
West also promised to form his 'own economic ecosystem' called Yecosystem.
Three legal organizations, including the Anti-Defamation League, and other anti-racism groups called for the separation as well.
West began doing business in partnership with Adidas in 2013 and signed a manufacturing and distribution deal with the sportswear company for his Yeezy clothing line in 2016.
The Adidas-West split is estimated to cost Adidas approximately $246 million in net income this year given the end of the year holiday season when sales are usually at their peak. The company does expect to financially recover from the separation next year.
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