Report: Adidas and Kanye West reach $500 million deal to sell remaining Yeezys following massive dip in shares
Sportswear giants Adidas have reportedly reached a new mega-money agreement with Kanye West, following the termination of its partnership with Yeezy.
Sportswear giants Adidas will renew its partnership with disgraced rapper Kanye West popularly known as ‘Ye’.
Adidas had ended its partnership with the music and fashion mogul in 2022, following his anti-semitic comments.
Now reports say that the sportswear giants will renew their partnership with the rapper once more.
Rumours had been circulating on social media that the German brand had struck up a new deal with Ye to sell $500 million worth of its remaining Yeezy sneakers.
The reports come after Adidas reported heavy losses tuning to hundreds of millions of dollars and being left with unsellable Yeezys following their split from Ye.
Adidas and Kanye West relationship
Ye and Adidas initially parted ways back in October following a breakdown in the duo’s relationship triggered by a series of public clashes.
Now, Adidas are facing numerous challenges beyond its breakup with Ye.
According to reports, the company had been losing market share to Nike and other rivals; its expensive pullout from Russia and prolonged weakness in China have weighed on sales.
And its clothing partnership with American popstar Beyoncé is also reportedly underperforming with Sales of the singer’s Ivy Park line falling well off the company’s internal projections, according to The Wall Street Journal.
But the new deal with Kanye West will reportedly include the sale of select non-branded Yeezy sneakers, with no new designs set to be produced.
Adidas also saw their shares spiral up on Monday following the news as well.