Standing with Skechers! After Kanye West lost several million-dollar brand deals over his controversial actions, Saturday Night Live reacted to the business changes.
25.10.2022 - 15:31 / deadline.com
Adidas is the latest of Ye’s big-name partnerships to end its business relationship with the hip-hop star after he made repeated antisemitic comments and espoused disproven conspiracy theories last week. The company faced calls from all quarters yesterday to drop the former Kanye West from its list of partners.
Adidas issued a statement which read, in part, “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.”
It indicated the cost of the move would be $246 million in 2022 alone.
The growing list of companies and projects which have separated from the controversial rapper now includes Adidas, Balenciaga, CAA and Gap, which Ye pulled away from himself last month. Further, MRC said Monday that it was not moving forward with its recently completed documentary about the musician. Endeavor CEO Ari Emanuel, Gersh’s Bob Gersh and UTA’s Jeremy Zimmer have all also spoken out to condemn him.
Here is the full statement:
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
Standing with Skechers! After Kanye West lost several million-dollar brand deals over his controversial actions, Saturday Night Live reacted to the business changes.
Colin Jost and Michael Che were back again to spoof the news on Saturday Night Live’s “Weekend Update” and Kanye West was at the center of the jokes. After many companies severed ties with the rapper following his antisemitic remarks, Jost pointed out that there were some businesses that didn’t need to make a public statement.
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In what may be the toughest blow, ego-wise, in the fallout from Kanye West’s antisemitic rants last week, Forbes announced today that the rapper is no longer on its glitzy list of the world’s billionaires. A chief cause for the change was Adidas ending its relationship today with Ye, as he is now known. He had been among the first hip-hop moguls to make the list.
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