Kanye West and Adidas seemingly struck another deal
3 min read
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Recent reports suggested that Kanye West and Adidas have reached a new agreement to sell the rest of the $500 Million Yeezy sneakers.
Here is everything you need to know.
What happened to Kanye West and Adidas’ new deal?
Last week rumors began circulating that Kanye West has teamed up with Adidas again for the sale of selective non-branded Yeezy shoes.
Moreover, it was reported that West and Adidas have finalized a new agreement following the official termination of their partnership.
In addition, eagle-eyed netizens were quick to notice that the German sportswear brand has struck a new deal with West. They will supposedly sell $500 million worth of its remaining Yeezy shoes.
Furthermore, the rumors of the new agreement come after it was reported that Adidas will possibly lose around 1.3 billion dollars due to Yeezy’s unsold sneakers.
Adidas has reportedly set a deal with Kanye West to sell the remaining pairs of Yeezy (estimated worth of $1.3B) pic.twitter.com/adEpFU466m
— Yeezy DROPS (@DropsYeezy) February 24, 2023Advertisement
Meanwhile, other news suggested that Adidas is planning to spend tons of money to continue using Yeezy designs with any branding despite parting ways.
Besides that, Bjørn Gulden, the CEO of Adidas, 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.’
He continued, ‘We need to put the pieces back together again, but I am convinced that over time we will make Adidas shine again. But we need some time.’
Nevertheless, Adidas might end up burning $500 million worth of Yeezy products.
Tom Nikic, a Wedbush analyst, revealed to Washington Post, ‘That’s really a big, substantial part of (Adidas’s) business — and the abruptness with which it happened.’
He mentioned, ‘But that’s quite frankly a risky proposition. It could backfire on them from a PR perspective. It would still look like they were profiting off of a collaboration with someone who made blatant antisemitic statements.’
UPDATE: K anye West and Adidas have allegedly reached an agreement for him to help sell the rest of their Yeezy merchandise. pic.twitter.com/892DfeZeIA
— Daily Loud (@DailyLoud) February 24, 2023Advertisement
Adidas ends partnership with Kanye West over hate speech
Adidas announced in October last year that they are terminating their partnership with rapper and fashion designer Kanye West.
Subsequently, they revealed that the company’s executives decided after the anti-semitic comments West made at that time.
Meanwhile, West’s remarks ended up kicking him from the Forbes list of the world’s billionaires.
Adidas explained, ‘Adidas does not tolerate antisemitism and any other sort of hate speech.’
They added, ‘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.’
