Investors Sue adidas Over Broken Partnership With Ye
It appears that adidas is not yet out of the dark over its partnership with the artist formerly known as Ye. According to multiple news outlets, investors are suing the German footwear company, claiming that the firm knew of Ye's problematic behavior for years before it finally decided to end the partnership. The BBC reported that investors are alleging that adidas failed to take precautionary measures to limit their financial losses, knowing of Ye's behaviors. The sportswear giant recently ended its partnership late last year following antisemitic comments. In the most recent lawsuit, investors are claimed that the lawsuit filed in federal court last week in Oregon alleges that adidas senior executives have known as early as 2018 that taking on Ye would be ar isk.BOF reports that in 2018, adidas ignored serious issues regarding partnering with Ye, putting shareholders at risk. The annual report was only "generally alluding" to the risks "rather than stating that the company had actually considered ending the partnership as a result of West’s personal behavior." In the subsequent years after, the company chose not to disclose the anit-Semetic comments he made to the adidas staff. The Wall Street Journal recently published details regarding an alleged meeting in 2018 when adidas met to discuss Ye. They spoke about how to mitigate risks of staff interacting with Ye and even possibly cutting ties with the multihyphenate artist. Adidas has not yet responded to these claims. In case you missed it, here is a first look at the Nike Zoom Vomero 5 "Mystic Red." Click here to view full gallery at Hypebeast
It appears that adidas is not yet out of the dark over its partnership with the artist formerly known as Ye. According to multiple news outlets, investors are suing the German footwear company, claiming that the firm knew of Ye's problematic behavior for years before it finally decided to end the partnership.
The BBC reported that investors are alleging that adidas failed to take precautionary measures to limit their financial losses, knowing of Ye's behaviors. The sportswear giant recently ended its partnership late last year following antisemitic comments. In the most recent lawsuit, investors are claimed that the lawsuit filed in federal court last week in Oregon alleges that adidas senior executives have known as early as 2018 that taking on Ye would be ar isk.
BOF reports that in 2018, adidas ignored serious issues regarding partnering with Ye, putting shareholders at risk. The annual report was only "generally alluding" to the risks "rather than stating that the company had actually considered ending the partnership as a result of West’s personal behavior." In the subsequent years after, the company chose not to disclose the anit-Semetic comments he made to the adidas staff. The Wall Street Journal recently published details regarding an alleged meeting in 2018 when adidas met to discuss Ye. They spoke about how to mitigate risks of staff interacting with Ye and even possibly cutting ties with the multihyphenate artist. Adidas has not yet responded to these claims.
In case you missed it, here is a first look at the Nike Zoom Vomero 5 "Mystic Red."
Click here to view full gallery at Hypebeast
