Adidas and Kanye West, also known as Ye, have put an end to their long-standing legal battle.
The sportswear giant’s CEO, Bjorn Gulden, announced on Tuesday that they’ve reached an out-of-court settlement, effectively closing the chapter on their contentious past.
The drama began in 2022 when Adidas terminated its partnership with Ye due to his antisemitic comments, which sparked widespread public pressure from organizations like the American Jewish Committee. At the time, Adidas made it clear that they wouldn’t tolerate hate speech or discrimination, values that Ye’s actions had violated.
Fast-forward to today, and it’s clear that both parties are ready to move on. According to Gulden, “The drama with West belongs to the past. Negotiations and settlements have been done”. Notably, the settlement doesn’t involve any financial exchange, bringing a sense of closure to the contentious issue.
As a result of the terminated partnership, Adidas was left with a significant amount of Yeezy stock, valued at approximately €1.2 billion (£840 million). The company has confirmed that they’ll sell off the remaining inventory by the end of 2024, marking a definitive end to the Yeezy brand’s association with Adidas.
With this settlement, Adidas can now focus on its rebounding profits, having reported a 71% jump in third-quarter net profit, exceeding analyst expectations. It’s a fresh start for the sportswear giant, and it seems Ye is also ready to move forward, albeit without the Adidas partnership.
