default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Adidas Facing Investor Pressure to Reveal Findings of Ye Investigation

Rapper Ye standing in front of an Adidas and Yeezy photo wall with the logos behind him.
The news follows April reports that Adidas was hit with a class action lawsuit by investors alleging the company knew about the risks of its partnership with Ye, years before his anti-Semitic comments were made public. (Getty Images)

At the company’s annual general meeting on Thursday, German asset manager Union Investment — one of Adidas’ largest shareholders — is set to request the German sportswear giant discloses the findings of an internal inquest into the handling of misconduct allegations levelled at former collaborator Ye, according to Financial Times report published on Tuesday.

Janne Werning, Union Investment’s head of ESG, will urge the brand to disclose the results of the investigation “here and now.” He will also demand the company “transparently clean up the scandal,” according to the Financial Times report.

Adidas and Union Investment were not immediately available for comment when contacted by BoF.

The news follows April reports that Adidas was hit with a class action lawsuit by investors alleging the company knew about the risks of its partnership with Ye, formerly known as Kanye West, years before his anti-Semitic comments were made public.

Among the defendants named in the lawsuit are former CEO Kasper Rørsted and current chief financial officer Harm Ohlmeyer.

In February, Adidas told investors that the loss of the Yeezy brand — which it terminated in October — will account for losses of €1.2 billion ($1.3 billion) in sales and €500 million in operating profit this year.

Learn more:

Adidas’ Plans for Yeezy: What We Know

CEO Bjørn Gulden hinted the German sportswear giant could try to sell already produced sneakers from the collaboration, but may still destroy the shoes. One thing’s for certain: “There is no other Yeezy business out there in the market.”

© 2023 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

The company’s recent introduction of a marketplace model has led to a flood of listings for new, high-end goods by third-party sellers. Some brands aren’t happy, but there may not be much they can do.



The US Federal Trade Commission filed a long-awaited antitrust lawsuit against Amazon on Tuesday, charging the online retailer with harming consumers through higher prices in the latest US government legal action aimed at breaking Big Tech’s dominance of the internet.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
Introducing The BoF Brand Magic Index
© 2023 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
Introducing The BoF Brand Magic Index