Adidas and Kanye West had a nine-year relationship, although the shoe brand finally called it off on October 25, in light of West’s antisemitic remarks, and his insistence on not apologizing for them. West’s fortunes have taken a hit but it’s not as if Adidas has escaped unscathed, given that Yeezy is its best-selling line.
So Adidas has accepted the call, to sell Yeezy without Ye next year, although fans are not very interested in the same, although West kept himself quiet on social media.
Adidas Also Faces Falling Profits
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Kanye West’s billionaire status fell immediately after Adidas cut ties with the singer and record owner, but Adidas also faced a loss in revenue. At the time of announcing the split, the shoe brand admitted it was likely to rake in $247 million this year. On Wednesday, the company released its third-quarter earnings that showed “robust growth” but with some challenges, with annual revenue possibly $502 million lower than initially forecast.
Much of the loss in revenue was due to the fact that Adidas, after breaking ties with Kanye, immediately stopped all sales of Yeezy shoes. However, Adidas will also save about $300 million in 2023, as it will no longer have to pay royalties and marketing costs for Yeezy to Kanye West and his company.
This is somewhat in line with what Nike did to Kanye West when he dumped him for Adidas in November 2013. At the time, West called out Nike and its then-CEO Mark Parker for not paying him royalties for shoes sold after the split, which Nike said fair because Ye is not an athlete.
Kanye West & Adidas Have a Turbulent Relationship
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It’s often been a rough ride between Kanye West and Adidas, some of the fights have been on public platforms as well. When Adidas released the Adidas Adilette that looked like Yeezy Slides, he called it a “fake YEEZY made by Adidas itself.” He also posted about it on Instagram, writing, “I no longer support this blatant copying.”
Although the contract between Adidas and West is not public, public knowledge claims that Ye’s company, Mascotte Holdings Inc has a portfolio of more than 160 trademark applications and registrations for Yeezy, which says Adidas owns the rights to most designs, including the best-selling Yeezy Boost 350.
Since 2019, in August, Adidas celebrates Yeezy Day to increase sales, but earlier this year, Kanye West made it clear that the “celebration” was not approved by him. He DMed the media outlet Complex, writing, “Adidas created the Yeezy Day idea without my consent.”
Later, in another deleted post, as reported by Okayplayer, West wrote, โFacts [adidas] feeling like they can color my shoes and name them without my permission is pretty wild. I care deeply about building something that changes the world and something that I can leave to my children. They tried to buy me for 1 billion dollars [USD]. My royalties next year will be 500 million dollars [USD] alone.โ
Things have changed a lot since then, of course.
Fans Say ‘Feezy’ To Adidas Rebranding Yeezy Products
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Earlier this week, Adidas Chief Financial Officer Harm Ohlmeyer confirmed that the company owns the designs it created in collaboration with Ye, saying, โAdidas is the sole owner of all design rights registered to existing products. We intend to exercise this right as early as 2023.โ
While he didn’t elaborate on Adidas’ upcoming plans, Ohlmeyer only reiterated that the company has โall new versions and colorways. It’s our IP.โ He also said that they are “working on all options. When the time comes, we will be more specific.”
Yeezy fans, and Ye, aren’t too keen on this.
๐คฆ๐พโโ๏ธ I DIDN’T BUY A SINGLE THING #ADIDAS PUT YOURSELF AS ORIGINAL #YEEZY SNEAKERS EVEN I DON’T THINK I’LL BUY ANYTHING ADIDAS AGAIN TBH ๐คท๐พโโ๏ธ pic.twitter.com/BIMDHIPuNy
โ Humble (@Ra_Trilsz) November 11, 2022
Who’s going for a walk in Feezys?! #yeezy
โ Slice Gembo {๐๐ผ๐ป} {BVD๐บ} {TAS} (@GEMsINCrypto) November 11, 2022
From here come out fake #Yeezy sold by Adidas will be called Sleezys.
No one will want them. Values โโfor original Yeezys will skyrocket. #Kanye #KanyeWest #Adidas #Kyrie https://t.co/NB7UfejVae
โ ๐บ๐ธ (@TheWuhanClan) November 9, 2022
From here come out fake #Yeezy sold by Adidas will be called Sleezys.
No one will want them. Values โโfor original Yeezys will skyrocket. #Kanye #KanyeWest #Adidas #Kyrie https://t.co/NB7UfejVae
โ ๐บ๐ธ (@TheWuhanClan) November 9, 2022
Kanye has yet to respond, in any way.
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Source: thtrangdai.edu.vn/en/
