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Balenciaga faces backlash over controversial ad campaign, major celebrities named in FTX lawsuit

Yahoo Finance's Dave Briggs, Allie Canal, and Jared Blikre discuss celebrities and their relationship with brands as Kim Kardashian garners criticism for her partnership with Balenciaga and celebrities like Tom Brady and Steph Curry are named in a lawsuit against FTX.

Video Transcript

[AUDIO LOGO]

DAVE BRIGGS: Balenciaga, for those who don't know the brand, think about this preposterous $650 Simpsons T-shirt, or their true piece de resistance, these dirty, tattered, beat up, old shoes that retail for nearly $2,000. Well now, the high end luxury brand has hit a new low. An ad campaign featuring children posing with BDSM teddy bears. Yeah, that's bondage.

And if that's not offensive enough, the background displayed legal documents featuring the Supreme Court ruling on child pornography laws. In an attempt to skirt accountability here, Balenciaga has actually filed a $25 million lawsuit against the production company and the set designer. Now, Kim Kardashian, a brand ambassador for Balenciaga says she's re-evaluating her relationship with Balenciaga, adding, she was shaken by the disturbing images. The campaign has been pulled but the questions remain.

Should Kim K and other celebrities be more careful with their endorsements? Kardashian should at the least disassociate herself with the label if she wants true change. And what about Tom Brady, Giselle, Steph Curry, Larry David, Shaq, all named in a class action lawsuit involving Sam Bankman-Fried's now bankrupt FTX. Well, nobody blames them for taking easy money, but they must accept that there are very hard consequences when things turn south.

Being an influencer is a massive luxury in our celeb-obsessed culture and carries with it a weighty burden, just like the football field and basketball court, or even Kim K's influencer space. You cannot hide when things get tough. Kim was very late to play this and still not strong enough.

We bring in Allie Canal to further this conversation. Allie, we, the consumer, can also vote with our wallet when it comes to Balenciaga. And though they are blaming the production company, and the photo, and the photographer, everyone else, we can vote with our wallet here as well. But what about the celebs involved?

ALLIE CANAL: Well, David, first let's say snaps. Very, very passionate, that you were. I agree with everything you were saying. And it's interesting because you constantly hear that these companies need to be really careful with who they choose to partner with.

Because these celebrities, these influencers, you have to do your research. But the opposite is true as well. And in today's social media world, in today's cancel culture, you cannot stay silent on these issues.

Now, Kim Kardashian did eventually respond, but it took her days. It took her days and many people said it wasn't enough. I am very skeptical if she will actually end this relationship with Balenciaga. We know how committed she is to the fashion world.

If you're watching the current season of "The Kardashians", she's very proud of her relationship with Balenciaga. So that remains to be seen. I do think this is going to be a storyline in an upcoming season of "The Kardashians". But I definitely think there is a responsibility for any influencer or any celebrity, if you are attached to that brand and you've promoted it in a public setting, you need to address it when things get tough. It's not easy, but it must be done.