ADIDAS AG (FRA:ADS) EQS-Adhoc: adidas AG: adidas terminates partnership with Ye immediately
Transparency directive : regulatory news
|
EQS-Ad-hoc: adidas AG / Key word(s): Statement/Change in Forecast FOR IMMEDIATE RELEASE 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.
***
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. |
| 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