Kanye West and Adidas: 500 million deal for Yeezy sneaker stocks

German sporting goods manufacturer Adidas and Kanye West have agreed on a deal for the remaining Yeezy sneaker stocks. According to several reports, the remaining Yeezys will be sold later this year for $500 million. However, the new contract states that these are only the existing items – as such there will be no further designs or clothing lines from Kanye West at Adidas.

The deal came after Adidas CEO Bjørn Gulden officially announced that the company could expect a loss of nearly $1 billion if the collaboration ended. “The numbers speak for themselves. We are currently not developing as we should,” said Gulden. He added: “We will be fully focused on the consumer, our athletes, our retail partners and our adidas employees. Together we will work to strengthen the brand, improve our product engine, better serve our distribution and ensure Adidas is a great place to work.”

The group ended its partnership with West last October after he made repeated anti-Semitic statements. “Ye’s recent statements and actions are unacceptable, hateful and dangerous,” the sporting goods manufacturer said at the time. “Adidas does not condone anti-Semitism or any other form of hate speech,” the statement said. After a thorough examination, the company decided to end the partnership with immediate effect and to discontinue the production of products from the joint fashion and shoe brand Yeezy.

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