Adidas AG ADDYY recently joined a host of companies to cut ties with controversial rapper Ye — formerly known as Kanye West — over his string of antisemitic comments.
The company is out with a new shoe design that could be viewed as a bit of awkward humor, mixed with perfect timing.
What Happened: The popular streetwear brand is adding to its funky catalog of “The Simpsons”-themed shoes by pairing the popular GIF meme of Homer Simpson backing into the hedges with the iconic “Stan Smith” style shoe.
You've probably seen it: a GIF showing Simpson walking into a hedge while facing the opposite direction with his eyes wide open.
The GIF is typically used as a reaction to convey discomfort or the desire to fade from an uncomfortable social interaction, as if you were never there.
GIF via GIPHY.
It seems that’s exactly what Adidas is doing with Ye.
Adidas announced in October that it has decided to end its relationship with Ye immediately. The sportswear and apparel retailer said that it will discontinue making Yeezy-branded products and cease all payments to Ye and his businesses.
“The thing about me and Adidas, it’s like, I can say antisemitic sh** and they can’t drop me,” Ye said in a rant that landed him in hot water on the “Drink Champs” podcast.
“Now what, now what!” the former billionaire said sternly.
The company attributed the decision to West's antisemitic speech.
“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,” Adidas said in a statement.
Why It Matters: For investors in the OTC stock, Adidas said the development will have a short-term negative impact of up to $247 million on its net income in 2022.
The business added that it has now acquired sole ownership of the design rights for all items under the agreement, including those with existing and new colors.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.