Adidas cuts ties with Kanye

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.”

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