Adidas cuts ties with Kanye West amid pressure

Adidas has formally ended its partnership with Kanye West. The apparel company said in a statement, "adidas does not tolerate antisemitism and any other sort of hate speech. ... 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). The company indicated that this move "would have a short-term negative impact" of up to US$246M on net income in 2022. The German sportswear giant "had faced pressure from the public and its own employees to cut ties with Ye." CAA and Balenciaga also have cut ties with the rapper/producer (CNBC.com, 10/25).