kanye west adidas contract reached an agreement but 2 things to notice
kanye west adidas contract reached an agreement but 2 things to notice
According to reports, Kanye West and adidas have come to an arrangement that will allow adidas to sell off the remaining pieces from the Yeezy collection.
Kanye West Adidas Contract: Some media sites have reported that the new agreement will enable adidas to market the current product developed under their prior agreement with West. It doesn’t include any clauses that would allow the collecting to continue.
The remaining Yeezy x adidas items are estimated to be worth $500 million.
With the agreement, the athletic company would be able to make up for the anticipated loss it disclosed earlier this month.
The financial loss that resulted from the brand terminating their partnership, which is currently anticipated to be over $1.3 billion in 2023, has been directly attributed to Kanye by adidas.
A statement received by TMZ claims that the company owns a large number of Yeezy items that it is unable to sell. In November, adidas had previously stated that it intended to repurpose the designs under a different moniker.
According to the statement, adidas could lose an additional $534 million if it is unable to find new uses for the Yeezy clothing. CEO Bjrn Gulden added that “the numbers speak for themselves.”
Gulden added, “We are now not doing as we should. 2023 will be a year of transition for the organization. According to reports, Kanye’s contract with adidas includes a provision that stipulates the Chicago rapper would receive a smaller payment if the Yeezy clothing line was sold without his endorsement. However, adidas told TMZ it has no intention of paying Kanye another dime. ( Kanye West Adidas Contract )
Ye, a contentious Chicago rapper, was forced to cut ties with adidas in 2022 after launching a string of antisemitic outbursts.
Ye has received criticism for his repeated antisemitic remarks for months, but despite the backlash and financial damage he has experienced, he has persisted in his support for bigoted German mass murderer Adolf Hitler.
You even demanded that Jews “let it go” and forgive Hitler in his most recent interview with Proud Boys founder Gavin McInnes in White Angeles.
Will Kanye still get paid by Adidas?
After carefully considering all options, the business has decided to immediately sever its relationship with Ye, stop making Yeezy-branded products, and stop paying Ye and his businesses. The adidas Yeezy business will end immediately at adidas.
How much is Kanye Adidas contract worth?
Now that he has lost the Adidas contract, he might not even be a millionaire. Forbes claimed that West’s contract with Adidas was worth $1.5 billion; in September, the magazine pegged West’s net worth at around $2 billion.
How much did Adidas take from Kanye?
After promoting anti-Semitic beliefs in multiple appearances and podcasts last month, Kanye lost his significant contract with Adidas. By virtue of the Adidas deal alone, he inadvertently lost over $2 billion of his money.
Does Adidas have a deal with Kanye West?
The business issued a warning on Thursday, estimating that it will lose $1.3 billion (1.2 billion euros) in revenue this year as a result of its inability to market the designer’s Yeezy clothes and footwear. Due to the rapper’s antisemitic comments, Adidas canceled their nine-year collaboration with him last October.
Photo Source: Vanguard News
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