Adidas’ popular shoe brand, Yeezy, was first designed by Kanye West. Recently, Adidas and Kanye West, known as Ye, cut ties because he was spreading hateful comments about Jews. The branding will change completely once they release a new version next year.
According to Adidas honchos, the company’s executives officially confirmed on Wednesday that the company will continue selling the shoe brand as close to the start of 2023, but without the Yeezy name.
Who Actually Owns The Shoe?
Adidas Chief Financial Officer Harm Ohlmeyer said, “Adidas is the sole owner of all design rights registered to existing products. We intend to make use of these rights as early as 2023.” The shoe will sell, but the hype surrounding it will be lowered, according to Twitter users. Ohlmeyer also mentioned that the company’s annual revenue would be approximately $502 million lower than the amount anticipated for the year. They’ll be saving around $300 million since they’re shutting off all marketing costs.
This leads to them not supporting Yeezy. Ohlmeyer was questioned about whether Adidas intended to get rid of the footwear. They also asked him if there will be a re-release at a later point in time. He said, “We need to take our time to review what the best options are. When the time is right we will be more concrete.”
New CEO of Adidas
Bjørn Gulden, CEO of Puma, will take over as CEO of Adidas after this year. He’ll have to figure out how to modify Yeezy prices and switch up the shoe brand around. Adidas’ stock has fallen by roughly 80% within the past two years. With all this, West still may have ownership over Yeezy slides.
Kanye West’s Agony
Ye hasn’t given a full-on response to the news. His comments were what led up to this point. Adidas was a big chunk of his profit having him on the billionaire’s list on Forbes.
The worst part, other companies took notice and diverted from Ye as well. Leaving him with a scarce amount of companies to fall back on.
The rapper and fashion designer recently headed to Skechers’ headquarters and got escorted out by security. Ye has a very bad habit of going into corporate buildings unannounced.
Many companies like GAP, Vogue, MRC Entertainment, Balenciaga, Donda Sports, and Def Jam Records have come out and said that they don’t want to work with him.
Source:
KTLA: Adidas to sell Yeezy products without the name or branding
CNN Business: Adidas will continue to sell Kanye West’s shoe designs without the Yeezy name
Business Insider: Kanye West’s worst nightmare is coming true — Adidas plans to sell Yeezys under new branding
Top Image/Featured Image Courtesy of Estevan Cruz Flickr Page – Creative Commons License
Inset Image Courtesy of Peter Hutchins Flickr Page – Creative Commons License
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