Adidas bows down to Kanye West reach agreement to sell $500 Million worth of remaining Yeezy’s
YE to reach new deal is now believed to see the sale of select non-branded YEEZY sneakers.
Kanye West’s appears to be back with Adidas
YE have reached a new agreement following the official termination of its partnership with YEEZY.
Back in October, Adidas terminated its partnership with Kanye West. Now, according to reports, the shoe giant and Ye have come to an agreement to sell all remaining $500 million worth of Yeezy sneakers in 2023. The remodeled contact will reportedly focus solely on the sale of existing inventory of the rapper's popular shoe line and will not include his clothing line or new designs.
Reports of the new agreement between adidas and Ye come after news that adidas could lose up to $1.3 billion dollars in unsold YEEZY sneakers. Though word has surfaced that adidas planned to spend millions to continue using YEEZY designs with any branding after parting ways.
The numbers speak for themselves. We are currently not performing the way we should,” said adidas CEO Bjørn Gulden about the blow to Adidas' profit margins. “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. Together we will work on creating brand heat, improve our product engine, better serve our distribution and assure that adidas is a great and fun place to work. adidas has all the ingredients to be successful: A great brand, great people, fantastic partners and a global infrastructure second to none. 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.”
The new deal is now believed to see the sale of select non-branded YEEZY sneakers with no new designs to be produced. Stay tuned for more details as the story develops.