*Adidas and rapper Kanye West (AKA Ye) have reached a resolution to conclude all legal matters between them, with no financial settlement involved.
The German sportswear company had been in conflict with Ye since ending their partnership in 2022 following his alleged antisemitic remarks. Details of the agreement have not been revealed, TAG 2 News reports.
“There [aren’t] any more open issues and there is no… money going either way,” Adidas CEO Bjorn Gulden told reporters on a conference call.
“There were tensions on many issues [but] … both parties said we don’t need to fight anymore,” Gulden said.
We reported previously that Adidas faced a loss of nearly $750 million in 2023 after cutting ties with Ye. In 2014, Adidas partnered with the hip-hop star after he parted ways with Nike. Ye’s Yeezy line with Adidas was key in him achieving billionaire status.
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adidas and Kanye West have ended their legal battle ?
The two parties reached an out-of-court settlement ending all claims from their partnership termination two years ago, with no payments exchanged ? pic.twitter.com/RQks15MWxn
— Nice Kicks (@nicekicks) October 29, 2024
After the shoe giant cut ties with the father of four, Adidas stopped production of Yeezy products as well as payments to the artist, NPR reported. Several companies severed ties with Yeezy following backlash over his anti-Jewish supremacy rants, including Balenciaga, Gap, and Footlocker. As Insider reported, citing the Financial Times.
After ending its partnership, Adidas was left with over a billion dollars in unsold Yeezy stock. The company has been selling and donating these products in stages.
Gulden says the Kanye drama “belongs to the past.”
Adidas’ sales between July and September reportedly totaled $7 billion, up 7% from last year. The company managed to boost sales with other lucrative shoe collections, such as Samba, Gazelle, and Campus.
READ MORE FROM EURWEB.COM: Adidas Lost Over $1Billion in Sales After Dropping Kanye West
