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. This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.
adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
For many, this statement was too little too late. Hundreds have already claimed that they they will no longer support Adidas due to their lack of urgency. In the time that it took Adidas to respond, their stock had already dropped five points.
Now, more brands have dropped Kanye including Gap and Caldwalader. On Tuesday, Gap released the following statement: “Our former partner’s recent remarks and behavior further underscore why. We are taking immediate steps to remove Yeezy Gap product from our stores and we have shut down YeezyGap.com.” The next brand, Caldwalader, released an email earlier this week stating that the firm is not “not presently providing any representation and have no intention of providing any future representation.”
