It was coming sooner than later. adidas took today to announce that the brand has decided to terminate their partnership with Kanye West but the announcement has left many on edge about what’s to come in the future.
It’s been looming over the sneaker industry for weeks but the once unthinkable has now come true, Kanye x adidas are no longer. In an official announcement of “adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness. After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the adidas Yeezy business with immediate effect. This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter. adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
Since the announcement, adidas’ stock has had a small negative drop but the slight decline is a lot better than a lot of us were thinking. It’ll be interesting to see what goes down in the coming days/weeks as adidas emphasized that the brand owns the rights to all existing Yeezy products along with future colorways so it will be quite intriguing to see what adidas does going forward and also how Kanye reacts to the news and the potential releases of his beloved possessions. We will have all of the news going forward, so make sure to stay tuned to JustFreshKicks for more updates.
