The rapper is considered a supporter of former US President Donald Trump.
(Photo: Reuters)
Munich The sporting goods company Adidas is ending its collaboration with US rapper Kanye West with immediate effect after anti-Semitic statements and massive international criticism. “Adidas does not tolerate anti-Semitism or any other type of hate speech,” the company said on Tuesday. The recent statements and actions of the artist, who also appears under the name Ye, are “unacceptable, hateful and dangerous”.
In good times, the cooperation with the controversial artist had brought Adidas sales of more than one billion euros a year. But West repeatedly provoked public statements and social media posts, which he usually quickly deleted.
After unsuccessful background talks, Adidas announced a review of the collaboration a few weeks ago. Renewed failures from West now increased the pressure on the group management. Politicians in the US and customers on social media called for an end to the cooperation.
“After careful consideration, the company has made the decision to end the partnership with Ye with immediate effect, cease production of Yeezy-branded products, and stop all payments to Ye and its companies,” it said. West’s comments “violated the company’s values of diversity and inclusion, mutual respect and fairness”.
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The decision will cost Adidas dearly. The separation will reduce net profit by 250 million euros this year alone.
This further worsens the prospects of the group. The outgoing CEO Kasper Rorsted has already revised the forecasts downwards three times this year. Most recently, the group only expected a profit of 500 million euros for 2022. So it could be even worse now. Originally, Rorsted had promised up to 1.9 billion euros.
More: Another profit warning from Adidas