Last week we reported rumours that were making the rounds that Kanye and Adidas were mulling over a deal over the Yeezy sneakers line. While the official partnership between Adidas and disgraced rapper Kanye had been terminated, the two have reached a deal to sell off the pending stock of Yeezy sneakers worth $500 million. As per the deal, no new designs of the line will be produced in future and two will not continue their partnership further.
The Yeezy line of Adidas is a collaboration with Kanye.Adidas and Kanye parted ways in November last year after Kanye made a series of public comments that were largely perceived as antisemitic. The company sustained mammoth losses after severing its ties with the rapper.
Adidas has had a turbulent financial year after sustaining losses from the Kanye episode and pulling out of the Russia market on account of the Russian invasion of Ukraine.
Kanye has been instrumental in reinventing the Adidas brand, making it hipper and cooler—and helping it secure a major share in the highly competitive global shoe market. Thanks to Kanye’s alliance with Adidas, the company was able to rake in big dollars in profit and give other big name brands Nike and Puma a run for their money.