An appeal by shareholders accusing Adidas of concealing wrongdoing by rapper-entrepreneur Kanye West, also known by his stage name Ye, prior to their breakup in 2022 was rejected.
A San Francisco court ruled that the massive sportswear company did not deceive investors who claimed to have lost money when Adidas’s stock fell after it severed ties with West.
One of Adidas’ most prosperous collaborations, the Yeezy association with West ended when the rapper made a series of anti-Semitic remarks, costing the company hundreds of millions of dollars. The BBC contacted Adidas for comment, but neither West’s team nor the company spearheading the class action could be reached. West, who is not a party to the lawsuit, received harsh criticism for spreading conspiracy theories and making antisemitic statements regularly.
After he displayed a “White Lives Matter” T-shirt design during a fashion show in 2022, his Yeezy brand partnership with Adidas came under scrutiny. Adidas removed his merchandise from sale shortly after he made anti-Semitic remarks online. Due to West’s actions, a number of businesses, including Gap and JP Morgan, cut their connections with the rapper.
Also Read:
Construction Success Story: How FPICO Is Quietly Building the Future of Saudi Arabia
Timofei Sheludiakov and Ilia Sheludiakov: Transforming Business Visions to Form with Duomo
