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Adidas to continue selling footwear designed with Kanye West without Yeezy brand

TheIndustry.fashion
10 November 2022

Adidas has confirmed it will continue releasing footwear designed in collaboration with Kanye West without the Yeezy brand, after terminating its partnership with the US rapper last month.

Bosses at the German sportswear brand reiterated it was the “sole owner” of certain design rights and upcoming colourways, and intended to make use of them next year.

The company announced it was ending production of its Yeezy branded products with “immediate effect” at the end of October.

But on a Wednesday call to discuss quarterly earnings, Adidas’ Chief Financial Officer, Harm Ohlmeyer, said plans to “leverage the existing inventory” were currently being developed, according to US outlets.

He commented: “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 company, who faced pressure to cut ties with West over his antisemitic remarks on social media, condemned his comments as “unacceptable, hateful and dangerous”.

At the time Adidas said it expected the decision to have a “short-term negative impact of up to 250 million euro on the company’s net income in 2022 given the high seasonality of the fourth quarter”.

The company will largely offset the impact of the breakup next year by no longer having to pay royalties and marketing fees for the brand, Adidas confirmed.

On Wednesday, Adidas reported revenue growth of 11% in the third quarter, totalling £5.63 billion (€6.408 billion) despite global economic struggles. 

It comes after the company appointed Bjorn Gulden as its new CEO. Gulden replaces Kasper Rorsted, who will step down and leave the company on 11 November 2022.

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