- Summary- Companies- Adidas ends partnership immediately- To take ~$250 mln hit to 2022 net income- Adidas sole owner of design rightsOct 25 (Reuters) - Adidas AG (ADSGn.DE) is immediately terminating its partnership with Kanye West, the sporting goods maker said on Tuesday, reacting to a rash of offensive behaviour from the American rapper and designer.The decision comes after Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review earlier this month following its efforts to privately resolve the issue.Ending the partnership and the production of Yeezy branded products, as well as stopping all payments to Ye and his companies, will "have a short-term negative impact" of up to 250 million euros ($248.90 million)" on Adidas' net income this year, the company said."Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values," Gap said in a statement.Yeezy sneakers, which cost between $200 and $700, generate about 1.5 billion euros ($1.47 billion) in annual sales for Adidas, making up a little over 7% of its total revenue, according to estimates from Telsey Advisory Group."