Adidas Officially Drops Ye
Nearly three weeks after putting the partnership "under review," Adidas has officially terminated its relationship with Ye, formerly known as Kanye West.
The termination is effective immediately and is expected to cost Adidas more than $240 million in profits, according to the New York Times report.
The recent behavior and anti-Semitic remarks from Ye had brought major scrutiny to the brands with which he partnered, most notably Adidas.
Until the announcement this morning, the major retailer and clothing manufacturer had largely been quiet while the partnership was under review, much to the chagrin of many, including Bored Ape Yacht Club co-founder, Wylie Aronow.
"As a Jewish person, Kanye’s anti-semitic vitriol has been horrifying. I don’t want Yuga involved in anything related to him. We’re reaching out to Adidas to see what their plan is. I don’t blame Adidas for Kanye’s actions, and trust they are going to make the right call," said Aronow in a statement yesterday.
Yuga Labs partnered with Adidas on its web3 initiatives late last year and a Bored Ape NFT remains the face of the "Adidas originals: Into the Metaverse" NFT collection.
Amidst the uncertainty, the Adidas Originals collection was down five percent in trading yesterday, with many of its sales on OpenSea coming via accepted offers.
Aronow, nor Yuga Labs has commented publicly on the termination of the Ye relationship at this time.
This is a developing story that will be updated by Lucky Trader as more information becomes available.