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 a 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.”
