Kanye WestAdidas' termination has reportedly left the sportswear giant in a bit of a bind and stuck with a massive inventory of Yeezy sneakers.
According to the financial timesAdidas is frantically trying to figure out how to turn around $530 million worth of the once-popular shoe of the rapper and producer.
Back in October, the company announced He will end his lucrative partnership with Kanye West - right Now Legally known as Ye - Quoting him many Antisemitic statements And the Screaming full of hate speech.
Adidas does not tolerate anti-Semitism and any other kind of hate speech. The company said in a statement. “Ye’s recent comments and actions were unacceptable, hateful, and dangerous, and they violate the company’s values of diversity, inclusion, mutual respect, and fairness.
“After a thorough review, the company has made the decision to immediately end the partnership with Ye, end production of Yeezy-branded products and cease all payments to Ye and his companies. Adidas will cease adidas-Yeezy business immediately.”
But, Adidas revealed in November that it would continue to sell the Yeezy line, but as part of its own brand. the financial times He claims that this is to avoid receiving more financial blows.
It was reported at the time of Yi's unofficial departure from Adidas that the German sports giant was expected to make around $250 million for the rest of 2022 following its split from Adidas. Exit from the university Old.
At the end of this year alone, Yeezys generated an estimated $1.8 billion in annual revenue for adidas, or 7% of its totals, per financial times. Concerns about a heavy reliance on Yeezy sneakers have been rife for years among employees, the London-based newspaper reported.
Meanwhile, he described several past collaborators with Yeezy, adidas, and Gap Working conditions within Kanye's company as a "chaotic, toxic and 'abusive' work environment".
according to Rolling Stone Back in November, they were all under the assumption that working for the Grammy Award winner would be their "dream job," but they were surprised when that couldn't be further from the truth.
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Sources said that "sudden firings and layoffs, tactics of intimidation and humiliation, and a cult-like atmosphere where adulation flourished" were central to the company.
It was also recently reported that Kanye's Yeezy headquarters in Los Angeles are facing eviction from her office after losing two months of rent totaling $63,254. The landlord has requested that you pay the full amount within 72 hours of notice or eviction.
Ye first leased 15,000 square feet of office space in 2015 when Yeezy was known as West Brands Fashion. Upon signing the lease, Yeezy originally agreed to pay $31,477.40 per month and did so in full before missing the last two payments for November and December.
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