Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail 5.6K Shareholders of the popular sportswear brand Adidas filed a class-action lawsuit against them. In the lawsuit, filed Friday in a federal court, the shareholders accused Adidas of failing to warn investors about the antisemitism and “extreme behavior” exhibited by the rapper formerly known as Kanye West before their partnership ended last year. The law suit comes at a difficult moment where demand for Yeezy’s went up but the company could not sell due to litigations with the rapper, leading Adidas to expectation of losing $1.3 billion in revenue this year. All whilst Beyonce’s Ivy Park was also a fanancial loss for the company. Adidas CEO Speaks On Confusion On What To Do With $1.3Billion Worth Of Yeezy Left Overs After Cutting Ties With Kanye More Articles You Would Love Photos: South Africa’s MB Fashion Week 2013 Knocks Joburg Out The Park with Haute Fashion!! How To Get A Flat Tummy In 3 Weeks; No Drugs, No Strenuous Work Outs, No Liposuction Nor Flat Tummy Tea It is alleged by the disgruntled shareholders that Adidas “routinely ignored” his behavior as early as 2018. They claim that senior executives “ignored serious issues” affecting the Yeezy partnership, namely his antisemitic remarks and troubling public comments about slavery. In a report from that year, Adidas was “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,” according to the lawsuit. During that time, Ye said that slavery was a “choice” in a TMZ interview. Demand has surged — not slumped — for Kanye West’s Yeezy sneakers, one CEO says The lawsuit said that Adidas was aware of his behavior and that the company “failed to take meaningful precautionary measures to limit negative financial exposure” if the partnership ended. The lawsuit doesn’t name the rapper, who now goes by Ye. Adidas’ Chief Financial Officer Harm Ohlmeyer and former CEO Kasper Rørsted are named as defendants. The suit covers anyone who bought an Adidas share from May 3, 2018 (when Ye made the slavery remark) until 2023. “We outright reject these unfounded claims and will take all necessary measures to vigorously defend ourselves against them,” Adidas said in a comment to CNN. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. The Anti-Defamation League categorizes the phrase as a hate slogan used by White supremacist groups, including the Ku Klux Klan. Days later, Ye said “I can say antisemitic s*** and Adidas (ADDDF) cannot drop me” during a podcast taping. Adidas said that its partnership with Ye ended because it “does not tolerate antisemitism and any other sort of hate speech” and said his comments were “unacceptable, hateful and dangerous.” It also said they violated the company’s “values of diversity and inclusion, mutual respect and fairness.” The company said in February that it was expected to lose $1.3 billion in revenue this year because it’s unable to sell the designer’s Yeezy clothing and shoes. In a statement, Adidas said its financial guidance for 2023 “accounts for the significant adverse impact from not selling the existing stock.” If the company can’t repurpose any of the remaining Ye clothing, Adidas said that could cost the company $534 million in operating profit this year. Read More Like This On Outside Africa Celebrity Watch UPCOMING PRIORITY EVENTS! VIEW ALL EVENTS To Submit stories Email: [email protected] or HashTag #FashionGHANA Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail FashionGHANA Admin FashionGHANA.com is a Fashion PR Company, Events planning & management team as well as Africa's leading Fashion Media House. Get Intouch with us and let's see how we can help you grow. info@FashionGHANAcom More For You PICS: Glitz, Glamour, and Fashion Finesse: See All The Haute Blazing Looks From... PICS: Incase You missed Out On Anok Yai’s Shine At Met Gala After... “Imagine If She Came Wearing AFRICAN Print” South Africans Chastise Tyla For Not... PICS: Anok Yai Gets All Crystalled Up For MET Gala Red Carpet In... PICS: “Is She A Man?” Fans Question Aya Nakamura’s Gender After Her Boob... PICS: Adut Akech Brought Sanity To The MET Gala 2024 In Her White... VIDEO: Jamaican Queen Who Washed Wode Maya’s Feet With Her Locks Gets Surprised... Ghanaian Highlife Star Akwaboah’s Is Off The Market, See His Engagement Photos Inside! Cameroonian UFC champion Francis Ngannou’s 15 Month Old Son Dies Trashy Rap Star ‘Megan The Stallion’ Is Being Sued By Her Camera For... Leave a Comment Cancel ReplyYou must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.