adidas has made a MAJOR announcement today as they have officially terminated their partnership with Kanye West. They had the following to say regarding the news:
“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.
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.
adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
In Jordan Brand news, the A Ma Maniére X Air Jordan 4 Violet Ore debuts next week.
UPDATE (11/9): No Kanye, no problem. According to Bloomberg, it has been reported that adidas plans on selling Yeezy designs in 2023 without Kanye West.
“I can confirm that adidas is the sole owner of all design rights registered to existing product, as well as previous and new colorways under the partnership, and we intend to make use of these rights as early as 2023,” said adidas CFO Harm Ohlmeyer.