Kanye West and Adidas have finally reached a settlement to sell the rest of the remaining $500 million in Yeezy sneaker inventory. The footwear giant terminated its partnership with West this past October following his anti-Semitic comments and the several antics that followed — including sitting down with InfoWars host Alex Jones to chat about his admiration for Hitler and Nazism.
According to reports, Adidas and the controversial rapper will sell the remaining sneaker inventory this year. The new contract will focus solely on selling the rapper’s existing merchandise and will not include any new designs or apparel from his clothing line.
The settlement comes off the heels of Adidas CEO Bjorn Gulden revealing that the athletic brand was expected to take a nearly $1 billion hit since terminating their partnership.
“The numbers speak for themselves. We are currently not performing the way we should,” Gulden said before mentioning that 2023 would be a “year of transition” for the company.
He continued, “We will put full focus on the consumer, our athletes, our retail partners, and our Adidas employees. Together, we will work on creating brand heat, improve our product engine, better serve our distribution. and assure that Adidas is a great and fun place to work. Adidas has all the ingredients to be successful: A great brand, great people, fantastic partners, and a global infrastructure second to none.”