Adidas and Kanye West have reached an amicable agreement to end all legal proceedings between them, with no money changing hands, the German sportswear giant announced on Tuesday. The dispute stemmed from Adidas cutting ties with the rapper, now known as Ye, in 2022 after a series of antisemitic comments he made on social media.
Adidas chief executive Bjorn Gulden told reporters on a conference call that there are no longer any open issues between the two parties. “There [aren’t] any more open issues and there is no … money going either way,” he said, adding that “whatever was is history.” The agreement brings an end to a conflict that had left Adidas with €1.2bn worth of unsold Yeezy stock.
The partnership between Adidas and West, launched in 2014, was one of the most successful in sportswear history, making West a billionaire. However, after West’s antisemitic remarks in October 2022, Adidas terminated the deal, calling his comments “unacceptable, hateful and dangerous.” West later claimed his wealth crashed by $2bn in a single day as other companies also dropped him.
Adidas has been selling its remaining Yeezy inventory in batches and donating the proceeds to NGOs, including a foundation launched in March to support anti-discrimination initiatives. The company confirmed that the last of the Yeezy stock will be sold by the end of 2024.
Gulden addressed the settlement while presenting Adidas’ third-quarter results, which showed sales of €6.4bn, a 7% increase year-on-year. The company has raised its financial guidance for the year, citing better-than-expected performance and strong brand momentum, boosted by other popular shoe collections such as the Samba, Gazelle, and Campus ranges.
