Adidas to Sell Yeezys Under New Branding
Adidas is moving forward without Ye.
The German sportswear company has announced plans to sell more Ye-inspired sneakers without the Yeezy branding. The shoes would go on sale as early as next year, according to Business Insider.
The decision comes after adidas ended its nine-year relationship with Kanye West in the wake of his anti-Semitic outbursts and other controversial comments.
During its quarterly earnings call on Wednesday, Adidas said that the company owns the designs it made in partnership with Ye.
“Adidas is the sole owner of all design rights registered to existing product,” said Adidas Chief Financial Officer Harm Ohlmeyer. “We intend to make use of these rights as early as 2023.”
Adidas did not elaborate on its future plans, only stating that the company owns “all the versions and new colorways.” The exception is the Yeezy Slide, for which Ye owns the patent.
Adidas also announced during its earnings report that its annual revenue would be $502 million lower than expected this year after the Yeezy deal ended. Adidas previously said that it stood to lose $246 million this year alone.
However, Adidas will save around $302 million in 2023 because of royalties and marketing costs it will no longer pay as part of the Yeezy business.
It’s unclear if Adidas plans to destroy existing merchandise or release it at a later date. “We need to take our time to review what the best options are,” Ohlmeyer said. “When the time is right we will be more concrete.”
Ye previously accused Adidas of copying his designs including the Yeezy Slide. He also blasted Adidas for creating “Yeezy Day” without his approval and not opening physical Yeezy retail stores.
“I’m not standing for this blatant copying no more,” he said while addressing the company’s CEO, Kasper Rørsted. “These shoes represent the disrespect that people in power have to the talent.”