Adidas said Ye's recent comments had been 'unacceptable, hateful and dangerous'
Adidas has terminated its deal with
Kanye West "with immediate effect" following his recent antisemitic remarks.
In a statement on Tuesday, the company said it does not "tolerate antisemitism and any other sort of hate speech" and said Ye's recent actions had been "unacceptable, hateful and dangerous".
The brand said his actions also "violate the company’s values of diversity and inclusion, mutual respect and fairness".
After a thorough review, the statement said, the company will end the production of Yeezy-branded products and stop all payments to Ye and his companies.
The termination is with "immediate effect".
Adidas said parting ways with Ye will 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 colourways under the partnership," the statement concluded.
More information is expected as part of the company’s upcoming Q3 earnings announcement on 9 November.
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