Explore Business Standard
Don’t miss the latest developments in business and finance.
Adidas says it is investigating allegations of inappropriate workplace conduct by the rapper formerly known as Kanye West that ex-employees made in an anonymous letter also accusing the German sportswear brand of looking the other way. Adidas, which made his Yeezy line, cut ties with Ye last month over his offensive and antisemitic remarks after facing pressure to follow other brands and companies in ending partnerships with the rapper. It said it expected to take a hit of 250 million euros (USD 246 million) to its net income this year from the move. Ye was suspended from Twitter and Instagram over his remarks but has been back tweeting this month. Rolling Stone has reported that it spoke to more than two dozen former Yeezy and Adidas workers and obtained a letter from several former Yeezy employees to the sportswear company alleging that Ye created a toxic work environment by showing sexual photos and videos in meetings, making vulgar comments and bullying the people who worked for
Adidas has ended its partnership with the rapper formerly known as Kanye West over his offensive and antisemitic remarks. Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a statement Tuesday. 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. It comes after the German sportswear company faced pressure to cut ties with Ye, with celebrities and others on social media urging Adidas to act. The company said at the beginning of the month that it was placing its lucrative sneaker deal with the rapper under review. Adidas is just the latest company to end connections with Ye, who also has been suspended from Twitter and Instagram over antisemitic posts that the social networks said violated their policies. He recently suggested slavery was a choice and called the COVID-19 vaccine the mark of the beast, among other comments
Adidas CEO Kasper Rorsted will step down next year, the sports apparel maker said Monday, and the company has started looking for a successor. Rorsted, who has been CEO since 2016, and its supervisory board mutually agreed that he will hand over during the course of 2023, the Herzogenaurach, Germany-based Adidas said. After three challenging years that were marked by the economic consequences of the COVID-19-pandemic and geopolitical tensions, it is now the right time to initiate a CEO transition and pave the way for a restart, supervisory board chairman Thomas Rabe said in a statement. He thanked Rorsted for major achievements that included strategically repositioning the company, vastly expanding its online sales and doubling sales in North America. Rabe said the firm can now focus on its core brand after divesting TaylorMade, Reebok and CCM Hockey. Recent years have been marked by several external factors that disrupted our business significantly and that it took huge efforts to