German Footwear Brand Stops Production of Yeezy Line, Cites Hate Speech Violations

  • Adidas ends partnership with Kanye West due to anti-semitic rant
  • Yeezy brand production to stop immediately
  • Adidas expects €250m loss in revenue for FY22
  • Gap also cuts ties with West and removes Yeezy Gap products from stores

Adidas has ended its partnership with rapper Kanye West due to his recent anti-semitic rant on social media. The German footwear brand will stop production of items under West’s Yeezy brand and cease all payments to the musician and his companies, citing that they do not tolerate antisemitism or hate speech. This move is expected to result in a €250m loss for Adidas in their FY22 revenue. Gap has also cut ties with West, removing Yeezy Gap products from stores and shutting down YeezyGap.com. Both companies state that antisemitism, racism, and hate have no place in their values.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Adidas ending its partnership with Kanye West due to his antisemitic comments and the financial impact it will have on the company. It also mentions Gap’s similar decision to cut ties with West and their stance against hate speech.
Noise Level: 3
Noise Justification: The article provides relevant information about Adidas ending its partnership with Kanye West due to his antisemitic comments and the financial impact on the company. It also mentions Gap’s similar decision. The content is focused and stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Adidas’s income and partnerships
Financial Rating Justification: The article discusses Adidas ending its partnership with Kanye West and the impact on the company’s financials, including a short-term hit of €250m to its income for FY22 and the loss of revenue from the Yeezy brand.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event in the text, but Adidas ending its partnership with Kanye West due to his antisemitic comments has financial implications for the company. The impact is minor as it’s a business decision based on hate speech and not a natural disaster or crisis.

Reported publicly: www.retailsector.co.uk