Adidas Investigates Misconduct Allegations Against Kanye West: Report

Author: Vandana Singh | November 25, 2022 08:40am

• Adidas AG (OTC: ADDYY) (OTC:ADDDF) initiated a probe into allegations of inappropriate behavior by Kanye West after receiving an anonymous letter making several allegations.
• The investigation follows a report by Rolling Stone magazine that detailed alleged incidents of inappropriate behavior by Ye toward staff and prospective employees. 
• Rolling Stone cited interviews with more than two dozen former Yeezy and Adidas staff.
• Earlier this month, Adidas said it plans to sell Yeezy sneakers minus branding associated with its former partner Kanye West, now known as Ye.
• According to the magazine, former team members sent an anonymous letter to Adidas in which they said senior leaders at the company were aware of Ye's behavior but had turned a "blind eye" and "turned their moral compass off."
• "It is currently not clear whether the accusations made in an anonymous letter are true," an Adidas spokesperson said in a statement to Reuters.
• "However, we take these allegations very seriously and have decided to launch an independent investigation immediately to address the allegations."
• "Adidas needs to disclose when the management and the supervisory board were first informed about the internal allegations," Janne Werning, who heads ESG Capital Markets & Stewardship at Union Investment, said in a statement to Reuters.
• Price Action: ADDYY shares closed higher by 1.60% at $64.69 on Wednesday.
• Photo Via Company

 

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