German sportswear giant Adidas has ended its business relationship with Kanye “Ye” West after the artist made anti-Semitic statements and shared conspiracy theories.
In the wake of multiple offensive and controversial interviews, Adidas had said the distribution deal for Ye’s Yeezy line was “under review.” On Tuesday, the company said: “Adidas will not tolerate anti-Semitism and any other form of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and violate the company’s values of diversity and inclusion, mutual respect and fairness.”
It added that after “a thorough review,” the company has made the decision to immediately end its partnership with Ye, end production of Yeezy-branded products and stop all payments to Ye and its companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
It also shared some business details about the decision. “This is expected to have a short-term negative impact of up to €250 million ($246 million) on the company’s net revenues in 2022, given the high seasonality of the fourth quarter,” the company said. “Adidas is the sole owner of all design rights to existing products, as well as previous and new colorways under the partnership.”
CAA has stopped representing the rapper and fashion mogul in the past month, a source told The Hollywood Reporter on Monday. The Century City talent agency had worked with him, but his adherent anti-Semitic rhetoric in several recent interviews has proved indefensible to some business associates. With CAA ending its partnership with West, Hollywood’s top talent agencies — including WME and UTA — have supported calls to end the working relationship with him.
Also on Monday, film and TV studio MRC said it was shelving a completed documentary about West in light of his comments. “This morning, after consulting with our filmmakers and distribution partners, we have decided not to proceed with distribution of our recently completed documentary on Kanye West,” CEOs Modi Wiczyk and Asif Satchu, as well as COO Scott Tenley, wrote in an open letter. “We cannot support content that enhances its platform.”
