EQS-Adhoc: adidas AG: adidas terminates partnership with Ye immediately
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.
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Contacts:
Media Relations Investor Relations corporate.press@adidas.com investor.relations@adidas.com Tel.: +49 (0) 9132 84-2352 Tel.: +49 (0) 9132 84-2920
For more information, please visit adidas-group.com.
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