Adidas Plans To End Partnership With Kanye West: Report
(RTTNews) - German sports sneaker and apparel maker Adidas AG plans to end its partnership with Kanye West citing recent offensive behaviour from the American rapper, Bloomberg News reported citing people familiar with the matter. Following the news, Adidas shares were losing around 4 percent in the morning trading in Germany.
In recent weeks, the rapper, who now goes by the name Ye, made controversial statements, including anti-Semitic social media posts.
As per the report, Adidas is likely to announce the move as early as Tuesday.
On October 6, the company reportedly said it was reviewing its business partnership with the rapper due to his public criticizing of the company and its CEO Kasper Rørsted.
Adidas had announced its partnership with West in 2013. The rapper and the German company in 2016 announced an extension of the deal and the launch of a new Yeezy category.
In recent times, West accused the sportswear brand of not giving him enough control over the line. In June, West shared an image of Adidas' recently released Adilette 22 slide sandals in Instagram, and accused the company of copying his Yeezy Designs.
Later, the rapper's Twitter and Instagram accounts were restricted, and the social media platforms said they removed his posts that online users condemned as anti-Semitic.
West in September terminated his partnership with apparel retailer Gap Inc.
In Germany, adidas shares were trading at 100.18 euros, down 3.5 percent.
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