adidas has announced that they’re placing Kanye West’s YEEZY line “under review.” The company says that “all [its] successful partnerships are rooted in mutual respect and shared values” and that “after repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review.” The full statement can be seen below.
“adidas has always been about creativity, innovation and supporting athletes and artists to achieve their vision. The adidas Yeezy partnership is one of the most successful collaborations in our industry’s history. We are proud of our team that has worked tirelessly throughout our collaboration with Ye and the iconic products that were born from it. We also recognize that all successful partnerships are rooted in mutual respect and shared values. After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review. We will continue to co-manage the current product during this period.”
Ye revealed his displeasure with adidas back in June, accusing the company of stealing his designs and “not getting his approval” for YEEZY Day. In September, Ye said that adidas had offered him a $1 billion buyout, and mentioned in an interview with Bloomberg that he’d be leaving adidas when his contract with the company expires in 2026.
Sales from the YEEZY licensing deal reached $1.7 billion in 2021, which was 7 percent of adidas’ annual revenue. YEEZY footwear will continue to release as scheduled until further notice.
[…] It is currently unclear why JPMorgan Chase has decided to end its banking relationship with YEEZY, but this isn’t the first business relationship that’s reaching closure. As of recent Ye decided to end his partnership with GAP and his adidas deal is under review. […]