adidas Ends Collaboration with Kanye West After Anti-Semitism Allegations
Dennis
This entry was published by Dennis. He is the newest addition to the Grailify team and he provides you with the most important sneaker news every day.
2022-10-26
"adidas does not tolerate anti-semitism or any other kind of hate speech," the sportswear manufacturer based in Herzogenaurach, Bavaria, announced today, October 25th. "The recent statements and actions of Kanye West were unacceptable, hateful, and dangerous."
So, it is now certain! The partnership between adidas and the rapper is officially over, but this decision will cost the company dearly. In good times, the designer made more than a billion euros a year with Yeezy.
Production of Yeezy to Be Discontinued
After the futile background talks, adidas makes the decision to stop production of Yeezy-branded products and stop all payments to Kanye West and his companies.
Can adidas Afford Such a Big Loss?
The separation from Kanye West should reduce net profit by 250€ million this year. That's not a good outlook for 2022, because Kasper Rorsted, CEO at adidas, already revised the forecasts downwards three times in the current year. In the last forecast, he still expected a profit of 500 million euros this year. At the beginning, the CEO expected 1.9 billion euros.
