Adidas is reportedly stuck with Yeezy Sneakers worth more than $500 million after ending its partnership with the artist over his anti-Semitic remarks.
As Insider reports, citing the Financial Times, the sportswear giant is trying to sell the merchandise under its own brand. The company expects to take a $247 million hit in profits after ending the Adidas-Yeezy partnership in October.
Several companies severed ties with Kanye West (now officially known as Ye) following backlash over his anti-Jewish supremacy rants, including Balenciaga, Gap, and Footlocker.
Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership,” the company said in a statement.
As The Daily Mail reports, West later issued a response, saying: “As to Adidas, you can start to make new designs for footwear, apparel and accessories immediately,” he allegedly wrote in a text to his ex-attorney Quinn Emmanuel. He also addressed his soured relations with Gap, writing “As to Gap, the non-compete expires December 15, 2022. You own the Yeezy name and all trademarks associated with Yeezy.”