Adidas has officially concluded its legal battle with Kanye West following his antisemitic remarks made in 2022, which led to the termination of their “Yeezy” collaboration.
The sportswear giant previously halted the Yeezy collection and began selling off remaining stock at wholesale prices in response to West’s controversial statements.
On Tuesday, Adidas announced that a settlement had been reached, putting an end to all legal proceedings.
CEO Bjorn Gulden shared during a conference call, “There aren’t any more open issues, and there is no money going either way.”
He emphasized that both parties agreed to move on, stating, “The drama with West belongs to the past.”
Gulden explained that the resolution involved negotiations and legal discussions, but ultimately, “No one owes anything to anybody anymore. Whatever was is history.”
Despite the rocky end to their partnership, Adidas is left with approximately €1.2 billion (£840 million) worth of Yeezy stock.
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The company plans to sell these products in batches, donating proceeds to various NGOs, including its newly launched anti-discrimination foundation.
The final Yeezy products are expected to be sold by the end of 2024.
This settlement marks a significant shift from Adidas’s initial stance in 2022 when the company condemned West’s comments, declaring that it does “not tolerate antisemitism and any other sort of hate speech.”
At that time, Adidas stated, “Ye’s recent comments and actions have been unacceptable, hateful and dangerous.”
Despite the controversy, demand for Yeezy products has remained high, with many items selling for substantial amounts in the resale market.
West, who has faced significant backlash and had his social media accounts suspended following his remarks, has previously opened up about his struggles with mental health, including a diagnosis of bipolar disorder.
