Adidas and Ye reportedly reach 500 million dollar deal to sell remaining Yeezy stock

Adidas and Ye reportedly reach 500 million dollar deal to sell remaining Yeezy stock

By Manoa Dawaibalavu
Thursday 02/03/2023
Photo Credits: Adidas Yeezy 450 Resin design. Adidas, stock photo.

Sportswear giant Adidas is said to have reached a new agreement with rapper-turned-designer Ye, formerly Kanye West, following the termination of its partnership with Yeezy.

The reports come in relation to rumours currently circulating online and through social media, where it has been noted that the German brand has struck up a new deal with Ye to sell 500 million dollars worth of its remaining Yeezy sneakers.

Ye and Adidas initially parted ways back in October following a breakdown in the duo’s relationship triggered by a series of public clashes.

The brand first placed its Yeezy collaboration under review at the beginning of the month after Ye took to Instagram with allegations that Adidas had not consulted him on the release of old sneaker models.

The move closely followed a similar altercation with Gap, which also held a deal with Ye and made the decision to end the relationship eight years early after the rapper accused the company of breaching their contract.

Rumours alleviate concerns over loss Later, Ye heightened tensions when he made a series of anti-semitic comments online and in various podcasts and interviews.

His remarks ultimately led to the end of deals with Balenciaga, the talent agency CAA and Def Jam.

Adidas, too, decided to part ways with the controversial figure, however the company stated at the beginning of this year that it could lose up to 1.2 billion dollars in unsold Yeezy sneakers.

It added that if a write-off of Yeezy products was decided upon, it could lower the company’s operating profit by a further 500 million euros this year.

In a statement at the time, Adidas CEO Bjørn Gulden said that 2023 was to be a period of “transition” for the company, adding: “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.”

According to various reports, the new deal is now believed to include the sale of select non-branded Yeezy sneakers, with no new designs set to be produced.

With the news, Adidas shares jumped on Monday, rising up to three percent to just over 140 euros.

FEATURE NEWS
Investment slow-paced, skills shortage worry, high cost of living, red tape and low economic growth a concern – Ariff Ali
As we await the announcement of the 2024/2025 National Budget, there are clear indications that a lot of work needs to be done as the Macroeconomic Co...
11 hours ago
LATEST NEWS
Greater Good Foundation seeks food donations to feed stray animals
The Greater Good Foundation Fiji is calling for food donations to feed homeless and stray animals. They say every cent will go a long way, so feel ...
11 hours ago

Kuki excited to finally perform on Fiji Showcase stage next Friday
Fiji’s top singer/songwriter, Kuki says he is really excited to perform on the Vodafone External Stage at Fiji Showcase 2024. While speaking ...
11 hours ago

Koronivia Business Council raise concerns after temple break-in
Concerns have been raised by the Koronivia Business Council regrading the rise in criminal activities in the area following the break-in at the Shiv ...
11 hours ago

Work with the Govt to tackle the issue of drugs - Kamikamica
Deputy Prime Minister and Minister for Trade, Cooperatives and Communications, Manoa Kamikamica has urged the Lau Provincial Council to work with the ...
11 hours ago

We are preparing for decisive action should our demand not be met in the budget on Friday - FTU
The Fiji Teachers Union calls on the government to act now to prevent a future where students are left without teachers. In a statement, the Union ...
11 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
RFNS Puamau submergence on Fulaga Reef
No timeline has been given on how long the salvage operations for the RFNS Puamau will take as the Fiji Navy has started the de-fuelling process in Fulaga in a bid to safely salvage the vessel from the reef.
7 days ago

Crisis within FijiFirst relating to the termination of 17 MPs who voted for salary increases
A crisis has erupted within the FijiFirst party relating to the termination of 17 members of parliament who supported the government's motion to ...
12 days ago

Pre-Budget 2024-2025
Pre Budget 2024-2025 budget recommendations and an insight of what people on the ground wish to see in the National Budget
14 days ago

TOP