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Adidas is being sued by investors over Kanye West deal

2023-05-01 07:45:00, Trending CNA
Adidas is being sued by investors over Kanye West deal
Kanye West

Adidas is being sued by investors who claim the firm knew about Kanye West's problematic behavior years before ending their partnership.

Investors claim Adidas failed to limit financial losses and take precautions to minimize their exposure.

The sportswear giant ended its partnership with the designer and rapper, known as Ye, last year following anti-Semitic comments.

In response, Adidas said: "We reject these baseless claims."

He added that he "will take all necessary measures to defend himself vigorously against them".

West is not a party to the lawsuit. The rapper designed a hugely successful line of trainers under the Yeezy brand for Adidas.

Adidas has since admitted it could lose up to €700m (£619m) as it was left with hundreds of millions of euros of unsold Yeezy products.

Last October, when the company ended the partnership, it said: "Adidas does not tolerate anti-Semitism and any other type of hate speech.

"Yes'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."

However, investors who filed the US lawsuit against the company on Friday claim Adidas knew about other questionable behavior by West, claiming it was discussed by former chief executive Kasper Rorsted as well as other management./ CNA.al





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