Adidas on Tuesday became the latest brand to cut business ties with Kanye “Ye” West over the rapper’s anti-Semitic tirades, ending a longstanding partnership and forecasting a nearly $250 million hit to net income this year from the decision.
“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,” the company said in a statement.
Earlier this month, the German sportswear company had placed its lucrative 9-year-old partnership under “review” after the rapper appeared at a fashion show wearing a “White Lives Matter” t-shirt that many found an offensive reference to white supremacy. Now, the company says it will halt production of Yeezy branded products and stop payments to Ye and his companies effective immediately.
Reference-www.thewrap.com
