Adidas to launch investigation into claims Kanye West played pornography on employees
Adidas will launch an investigation into allegations of misconduct against Kanye West after the company was accused of turning a blind eye to the artist’s inappropriate behavior during their Easy Sneakers tie-up.
The decision to open an independent investigation was announced after one of Adidas’ largest shareholders demanded clarity on the alleged incident.
Rolling Stone magazine reported this week that the US rapper and fashion designer, also known as Ye, played pornography to employees at meetings and showed an intimate photo of his ex-wife Kim Kardashian in job interviews, citing former Adidas and Yeezy employees.
The sportswear brand cut ties with West last month Anti-Semitic commentsEnding their profitable partnership.
According to Rolling Stone, the former employees sent a letter to Adidas claiming that senior managers were aware of West’s “problematic behavior” but “turned off their moral compass” and “failed to protect their employees against years of verbal abuse, profanity and slurs.” Bullying attacks.”
“It is currently unclear whether the allegations made in an anonymous letter are true,” Adidas said in a statement Thursday. “However, we take these allegations very seriously and have decided to immediately launch an independent investigation into the matter to resolve the allegations.”
Union Investments, Germany’s third-largest asset manager, wrote to Adidas on Thursday seeking more information about the claims. It has a 1 percent stake in the group and is a top-20 shareholder, according to S&P Global Market Intelligence.
“Adidas must disclose when management and the supervisory board were first informed of the insider allegations,” Jan Warning, head of ESG capital markets and stewardship at Union Investments, told the Financial Times.
Adidas manufactured and sold sneakers with West for years under the Yeezy brand. Analysts estimate that this accounts for about 7 percent of its overall revenue. Adidas said in October that its expected profit this year would be cut in half if Yeezy was killed.
The German brand initially declined to address the reports on Wednesday. “We will not discuss the individual conversations, details or events that led to our decision to terminate the adidas Yeezy partnership and decline to comment on any related speculation,” the company said, adding that it was “and continues to be actively involved in the conversation.” with our employees about the events leading up to the decision to terminate the partnership.
Belgian investor GBL, which is Adidas’ single largest shareholder, and German asset manager Decca, which has a 0.8 percent stake, declined to comment. Frankfurt-based asset manager DWS, which has a 1.8 percent stake, did not immediately respond to a request for comment.
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