adidas Officially Terminates Its Partnership With Kanye West
We feel like this news has been a long time coming, but it's now official. After almost a decade of collaborating, adidas has pulled the plug on its partnership with Kanye West. The duo's relationship has been on thin ice over the past few months, but recently, the American artist and fashion designer took to social media to make anti-semitic comments and hate speech that forced the German sportswear giant to put an end to their long-standing Yeezy collection.
In a press release, the Herzogenaurach-based company stated, "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. 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. adidas will stop the adidas Yeezy business with immediate effect. adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership."
This news comes just days after Balenciaga and Gap both prematurely terminated their contracts with West, and according to the Three Stripes themselves, this 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."
With every single colourway that was scheduled to release now shelved and cancelled, it's not quite clear how adidas will handle with all of this unsold stock. That said, however, more information is set to be revealed on November 9th during adidas' upcoming Q3 earnings announcement, so make sure you keep it locked at The Edit LDN for more news as it develops.