It seems Kanye West is not the only person facing the consequences of his actions! West has degraded his image, identity, and brand due to his recent erratic behavior. He has damaged his credibility as a tour de force in fashion and music. It all started due to his fashion statement at the Paris Fashion Week in 2022. During the display, he introduced Yeezy shirts with ‘White Lives Matter’ printed on them. Due to this, he received vitriol from the industry as well as netizens.
After the fashion debacle, he started criticizing the Jews for their alleged takeover of the industry. He even warned, during chats with Diddy Combs, to go “def con 3” on them. Due to his hate-spewing behavior and anti-Semitism, the industry, in a consolidated effort, broke ties and canceled deals with the rapper. It included his longtime collaborators like Adidas and Balenciaga. However, the companies are also facing the brunt of severe ties due to his behavior. Adidas is now left with dwindling finances and unsold Yeezy shoes. The shoe giant has allegedly struck a deal with the former collaborator.
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Adidas May Join Hands With Kanye West To Sell Yeezys Worth $500 Million
Kanye West has been like a savior for Adidas since their collaboration in 2013. The sales of the German shoe giant were plummeting due to lack of creative force. Its competitor Nike was doing wondrous sales and great designs. After their first collaboration Yeezy 750, its sales soared by 18%. It even signed a deal with the rapper that was scheduled to expire in 2026.
However, before the expiration of the deal, Adidas cut ties with Kanye West after his anti-Semitic behavior. It initially put its deal under review after the Paris Fashion Week. However, it severed the ties stating, “Adidas does not tolerate anti-Semitism and any other sort of hate speech”. Ye’s remarks “have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness”.
But, the company is again in knee-deep trouble. When the deal went off, the shoe mogul estimated that it would lose $247 million. Now, the company has YeezyxAdidas shoes worth $500 million. Several media outlets reported that Adidas may eye to collaborate with the ‘Donda’ rapper to sell these unsold items. This will be the last of the Yeezy collection that Adidas will sell under its banner. The contract does not include any new collections from the collaboration.
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The Company Claimed To Be The Sole Owner Of The Yeezy Designs
Adidas is now finding it difficult to find footing in the market since they terminated the deal with Kanye West. The new S&P report has graded the company an ‘A-‘ in its debt borrowing reports.
The company said, “Adidas faces a multitude of business challenges, including the termination of its Yeezy partnership, ongoing competitive pressures in the Chinese market, and a contraction of consumer demand in Western countries”.
In November, the Adidas CEO assured the shareholders that they are “the sole owner of the core designs of the current Yeezys in circulation”. He continued, “Yeezy designs will, in fact, live on at Adidas after all, but they’ll have a completely different title when they drop”.
Bjørn Gulden assured, “Adidas is the sole owner of all design rights registered to existing products. We intend to make use of these rights as early as 2023. We own all the versions and new colorways. It’s our IP. We are working through all the options. When the time is right we will be more specific”.
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