Adidas, the German multinational retailer, said Tuesday that it has dropped its partnership with Ye, effectively immediately, in light of antisemitic remarks made by the rapper-turned-entrepreneur.
Why it matters: Adidas had been facing a buildup of public pressure to denounce Ye's remarks, after a slew of other companies affiliated with Ye — including his talent agency — dropped him.
Details: In a statement, Adidas said it doesn't tolerate antisemitism or hate speech and that "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," the company said.
- In the short term, the company expects to lose €250 million in revenue due to its decision to cut ties with Ye.
Catch up quick: Ye was suspended from Twitter and Instagram for posting antisemetic remarks earlier this month. In response, he said he would buy Parler, a Twitter-like social media app that has become a haven for conservatives.
- Instead of apologizing for his remarks, Ye has doubled down, noting on a recent podcast, "I can say antisemitic things and Adidas can't drop me."
- In recent days, fashion brands like Balenciaga and Vogue have parted ways with Ye. Creative Arts Agency, CAA, confirmed to Axios on Monday that Ye was no longer a client.
What to watch: Whether Ye actually moves forward with buying Parler.
- As of Tuesday morning, Ye only had 40,100 followers to his account on Parler, which shows how small the platform is compared to big networks Ye is used to posting on.
