After all, the trend is about to be turned over. The trend belonging to Kanye West and Yeezy officially turned over today.
Adidas issued an official announcement announcing the immediate termination of the partnership with Ye (formerly Kanye West).
The announcement stated that Kanye West’s recent remarks and actions are unacceptable, hateful, and dangerous. They violate the company’s values of diversity, tolerance, mutual respect and fairness.
Adidas stopped the production of Yeezy products and stopped paying Kanye West and his company.
The move is expected to cost the company €250 million ($2.47 billion) in revenue for the fourth quarter of 2022.
Finally, it was also stated that Adidas is the sole owner of all relevant designs, whether it is the previous color scheme or the new color scheme created during the collaboration.
Affected by this, Adidas stock price fell nearly 9%, the lowest point in six years.
23848100cookie-checkSudden official announcement! Adidas and Kanye West end their partnership! Yeezy is over! Kanye West fell out of the rich list!