Sportswear giant Adidas is said to have reached a new agreement with rapper-turned-designer Ye, formerly Kanye West, following the termination of its partnership with Yeezy.
The reports come in relation to rumours currently circulating online and through social media, where it has been noted that the German brand has struck up a new deal with Ye to sell 500 million dollars worth of its remaining Yeezy sneakers.
Ye and Adidas initially parted ways back in October following a breakdown in the duo’s relationship triggered by a series of public clashes.
The brand first placed its Yeezy collaboration under review at the beginning of the month after Ye took to Instagram with allegations that Adidas had not consulted him on the release of old sneaker models.
The move closely followed a similar altercation with Gap, which also held a deal with Ye and made the decision to end the relationship eight years early after the rapper accused the company of breaching their contract.
Rumours alleviate concerns over loss
Later, Ye heightened tensions when he made a series of anti-semitic comments online and in various podcasts and interviews.
His remarks ultimately led to the end of deals with Balenciaga, the talent agency CAA and Def Jam.
Adidas, too, decided to part ways with the controversial figure, however the company stated at the beginning of this year that it could lose up to 1.2 billion dollars in unsold Yeezy sneakers.
It added that if a write-off of Yeezy products was decided upon, it could lower the company’s operating profit by a further 500 million euros this year.
In a statement at the time, Adidas CEO Bjørn Gulden said that 2023 was to be a period of “transition” for the company, adding: “We need to put the pieces back together again, but I am convinced that over time we will make Adidas shine again. But we need some time.”
According to various reports, the new deal is now believed to include the sale of select non-branded Yeezy sneakers, with no new designs set to be produced.
With the news, Adidas shares jumped on Monday, rising up to three percent to just over 140 euros.
Update: Adidas told FashionUnited that it did not have any updates to share following its 2023 outlook report that was published earlier in February