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Adidas ends its partnership with Ye | New

Adidas ended its partnership with Kanye West on October 25.

(CNN) – Adidas had ended its partnership with Ye, also known as Kanye West, with “immediate effect.”

In a statement on Tuesday, the sportswear maker said it “does not condone anti-Semitism and any other type of hate speech” and said its recent comments were “unacceptable, hateful and dangerous.” , mutual respect and fairness.”

Sales and production of his Yeezy-branded products ceased along with payments to Ye and his companies. Adidas said it would take a 250 million euro ($246 million) hit to its fourth-quarter sales.

Adidas has partnered with West since 2013, when the company signed its brand away from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and a sports brand.”

But Adidas put the “partnership under scrutiny” in early October after he wore a “White Lives Matter” t-shirt in public. The Anti-Defamation League classifies the phrase as a “hate slogan” used by white supremacist groups, including the Ku Klux Klan.

Recently, Ye said, “I can say anti-Semitic shit and Adidas can’t let me down,” during a tirade against Jews on the Drink Champs podcast.

The list of brands distancing themselves from West is growing. Balenciaga and Vogue publicly severed ties last week, and talent agency CAA dropped West as a client on Monday. Production company MRC said it was shelving a documentary about West.

Adidas shares fell around 5% in Frankfurt. Adidas said it would release additional information about the financial implications of dissolving its partnership with Ye in its next earnings report on Nov. 9.