The company said it would take a “short-term” hit of €250m (£217m) to its income for this year after deciding to stop the brand’s business with immediate effect
- German company may announce it is severing ties on Tuesday
- Adidas has been under pressure after antisemitic remarks by Ye
- Adidas would join Gap Inc. and Kering SA’s Balenciaga fashion label in cutting ties with West, who now goes by Ye
- Adidas shares, already weighed down by the controversy, fell as much as 3.2% in Frankfurt trading, reaching the lowest since April 2016.
- Yeezy line accounted for as much as 8% of Adidas’s total sales
- For Adidas, was “one of the most successful collaborations in our industry’s history.”
www.bloomberg.com/news/articles/2022-10-25/adidas-is-said-to-end-kanye-west-partnership-after-controversies
h/t North902
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