Adidas (ADDYY) has announced that the company is ending its partnership with Ye, formerly known as Kanye West. Adidas has been under pressure to end the lucrative partnership, given Ye’s openly anti-semitic statements. Now, Adidas has stated that it will end all payments to Ye and stop producing Yeezy branded products.
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Adidas stock has started to fall on the news. ADDYY stock was already showing signs of trouble, and has been falling steadily all year from its January high of $144.27. Now trading at $51.36, its preliminary Q3 2022 report showed a significant earnings miss. That’s following three consecutive quarters of earnings beats, indicating that the company has been stumbling, despite its abundance of sturdy footwear.
