Kanye West and Adidas have reached an agreement to release the remaining $500 million worth of Yeezy shoes. The renewed agreement only covers existing inventory.
Breaking: Apparently Kanye West & @adidas have reached a deal to release the remaining $500 million worth of Yeezy shoes slated for 2023. The renewed deal only focuses on existing inventory. pic.twitter.com/PWvgFhY93n
— Ari Ingel (@OGAride) February 24, 2023
It appears like Adidas and Kanye West will work together once more.
According to rumours, Adidas and Kanye West have signed a deal to sell the remaining Yeezy stock. They have agreed to sell the final $500 million worth of Yeezy shoes, as per tweets from legal counsel Ari Ingel and hip-hop blog Kurrco. The renegotiated agreement only applies to the current inventory.
Ye (fka Kanye West) & Adidas have reportedly reached an agreement to sell all remaining Yeezy inventory 👀 pic.twitter.com/Y6PcxlfNBr
— Kurrco (@Kurrco) February 24, 2023
In 2022, the rapper made a number of antisemitic comments in interviews and on social media that led Adidas and other major companies to terminate their connections with him.
The company issued the following statement: “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 announced it would keep selling the brand even after cutting ties with the Chicago rapper shortly after their split. The Brand claims that by marketing and licensing payments associated with selling the footwear under its own name, the business would save $300 million. But the business hasn’t had much success doing that.
In a statement, Adidas CEO Bjrn Gulden said: “The numbers speak for themselves. We are currently not performing the way we should. 2023 will be a year of transition to set the base to again be a growing and profitable company. We will put full focus on the consumer, our athletes, our retail partners and our adidas employees.”
The company revealed earlier this month that it expects to lose $1.3 billion in revenue this year as a result of its inability to market the designer’s Yeezy clothes and footwear. There is no doubt that this new agreement will be quite advantageous for both Adidas and Kanye West.
Both Adidas and Kanye have not formally confirmed the rumours yet.
Published by HOLR Magazine.