Kanye West has made the decision in recent months to burn his image and his professional connections by uttering antisemitic sentiments on virtually every forum he can find. Since then, a lot of people have pondered what would happen to Kanye West’s renowned companies, including the collaboration between Adidas and YEEZY, which is undoubtedly his most well-known.
After severing relations with Kanye West, Adidas reportedly owns Yeezy footwear valued at more than €500 million ($530 million). The article claims that the German sportswear juggernaut is presently attempting to sell the products under its own name in order to reduce any possible losses from doing so. According to rumors, Adidas will introduce a new range of Yeezy-designed sneakers next year without including any Kanye West branding on them.
Adidas Will Look For A Hole To Avoid A $530M Loss
Adidas lowered its annual revenue prediction after deciding to stop its collaboration with the musician Ye, formerly known as Kanye West, due to antisemitic statements.
Despite the German shoe and sportswear giant cutting its sales and profit forecast for the year, the company’s chief financial officer claimed that the profitability of the Yeezy sneaker partnership with Ye has been “overstated.” According to recent rumors, Adidas is having problems offloading its stock of $500 million worth of Yeezy footwear after severing its relationship with West.
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The Financial Times reports that Yeezy sales are thought to have contributed 7% of Adidas’ total revenue this year, or $1.8 billion. They believe that by severing connections with West after the musician made repeated antisemitic statements and social media attacks on the brand’s management, whom he accused of “stealing” his ideas, the company lost $247 million in profits.
The firm will be able to lessen the effects of the dissolution next year by cutting back on royalties and marketing costs, according to CFO Harm Ohlmeyer.
Yeezy Shoes: What Will Adidas Do Next?
According to reports, Adidas registered a trademark for the SPLY-350 in 2016, which many fans believe would take the place of the Yeezy line. The words “SPLY-350” were inscribed on the side of the 2023 shoe launch in leaked photographs that SoleSavy received on Tuesday. The sneakers’ identifiable neutral/earth-toned color scheme and Yeezy boost soles are evocative of the Kanye West collection.
The photographs above were just posted on Twitter by the sneaker culture business SoleSavy, and it appears Adidas isn’t completely erasing its connection to Kanye West and is still making the shoes that over time came to be associated with West’s apparel line. The cost of the Adidas 350 V2 “Granite” sneakers is $230 USD, according to the Ovrnundr Twitter account for footwear and streetwear news. The sneakers may go on sale as soon as January 2023.
Because of his anti-Semitic sentiments and his support for Adolf Hitler and the Nazis, Forbes claims that West forfeited his billionaire title.