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EQS-Adhoc: adidas AG: adidas terminates partnership with Ye immediately

eqs_en 
0 0 25.10.22
EQS-Adhoc: adidas AG: adidas terminates partnership with Ye immediately: http://s3-eu-west-1.amazonaws.com/sharewise-dev/attachment/file/23578/Adidas-group-logo-fr.svg.png
 

EQS-Ad-hoc: adidas AG / Key word(s): Statement/Change in Forecast
adidas AG: adidas terminates partnership with Ye immediately

25-Oct-2022 / 12:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

FOR IMMEDIATE RELEASE

Herzogenaurach, October 25, 2022

adidas terminates partnership with Ye immediately

adidas does not tolerate antisemitism and any other sort of hate speech. 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.

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.

 

***

 

Contacts:
  		 
Media Relations Investor Relations
[email protected] [email protected]
Tel.: +49 (0) 9132 84-2352 Tel.: +49 (0) 9132 84-2920
   

For more information, please visit adidas-group.com.

25-Oct-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
Language: English
Company: adidas AG
Adi-Dassler-Straße 1
91074 Herzogenaurach
Germany
Phone: +49 9132 84 0
Fax: +49 9132 84 2241
Internet: www.adidas-group.com
ISIN: DE000A1EWWW0, US00687A1079, US00687P1049
WKN: A1EWWW, A0MNCC , 909676
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1471447

 
End of Announcement EQS News Service

1471447  25-Oct-2022 CET/CEST

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EQS Group is a leading international provider of regulatory technology in the fields of corporate compliance and investor relations. In working with EQS Group, thousands of companies worldwide inspire trust by fulfilling complex national and international disclosure obligations, minimizing risks and communicating transparently with stakeholders.




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