ALBAWABA - The long-running legal issue between Adidas and rapper Kanye West, now known as Ye, has been formally resolved, according to Reuters. Bringing an end to one of the most prominent partnerships in the history of fashion in recent times.
After almost two years of legal conflict, the German sportswear designer has revealed that this amicable agreement does not entail any sort of financial settlement, affording both parties the opportunity to move on independently.
The partnership between Adidas and Ye started in 2014 and resulted in the establishment of the Yeezy brand, which in turn sparked a revolution in the fashion industry. The partnership contributed a remarkable expansion of Adidas, helped Ye become a cultural icon, and provided to his growth into a billionaire.
However, Adidas severed its association with the rapper in late 2022 as a result of some inflammatory statements he made, which were alleged to be antisemitic. The CEO of Adidas, Bjorn Gulden in response affirmed that the company does not tolerate any kind of hate speech, according to Sportico.
This sudden halt left Adidas with €1.2 billion in unsold Yeezys, which decided to sell the stock and contribute some of the revenues to anti-discrimination groups, including its own foundation founded in early 2023. Gulden welcomed the move as a conscious alternative to destroying valuable goods; as it mitigated losses and supported societal objectives.
The settlement was confirmed by Gulden at a press conference, highlighting that all parties had agreed to bring this chapter to a conclusion without any more argument. AFP reports that all parties have reached an agreement to drop all legal actions in an effort to turn the page and avoid further public scrutiny.
