“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect,” it added.

The German sporting goods firm, which had come under growing pressure to renounce its seven-year partnership with the rapper formerly known as Kanye West.

It expects a short-term hit of up to 250 million euros to its net income as a result. Adidas does not tolerate antisemitism and any other sort of hate 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.