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☆ Adidas' break-up with Kanye West has halved its earnings forecast for 2022
▼ + stars: | 2022-11-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Adidas had forecast net income of 500 million euros five days before cutting ties with Kanye West. After ending the deal with the rapper the figure has been cut to just 250 million euros. Adidas said the reduction was "due to negative tax implications in the third quarter related to the company's decision to terminate the adidas Yeezy partnership" and reflected the "high seasonality of the adidas Yeezy business geared towards the fourth quarter." As part of his Yeezy deal with Adidas, West also demanded that a facility be set up in Wyoming, Bloomberg reported. Adidas executives took just two minutes to cut ties in an "undramatic" phone call, having initially delayed a decision to get legal opinions from US law firms, per Bloomberg.

☆ Kanye West's Yeezy products are still being sold on the Farfetch website
▼ + stars: | 2022-10-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Global fashion platform Farfetch is still selling more than 200 Yeezy products on its site. Farfetch had more than 200 Yeezy sneakers, boots, and slides on its website on Sunday and is yet to make a statement on whether it will continue to sell Yeezy products. Two items viewed by Insider were a Season 7 Desert Boot in "House Blue" for £980 ($1,138) and Adidas Yeezy Boost 700 "Hired" sneakers for £534 ($620). Gap is removing Yeezy Gap, a collaborative line, from its brick-and-mortar stores and has shut down the Yeezy Gap website after it said that hate and racism did not adhere to its values and was "inexcusable." Balenciaga and Adidas also pulled the plug on their partnerships with Yeezy over West's comments.

Adidas shutting down its partnership with Kanye West is just the latest shoe to drop surrounding the artist's recent run of controversial public behavior. To Adidas, the reputational cost of maintaining ties with Ye ultimately outweighed those considerations, said Neil Saunders, managing director at the GlobalData Retail research group and consultancy. Adidas will stop the Adidas Yeezy business with immediate effect." Instead, it was likely the growing threat of an international boycott that pushed Adidas to sever ties, said Kenneth Anand, Goldstein's co-author of "Sneaker Law." "So they had to act very fast to sever ties given what had transpired," Anand said of Adidas.

☆ Adidas terminates partnership with Ye following rapper's antisemitic remarks
▼ + stars: | 2022-10-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Kanye West at an event announcing a partnership with Adidas on June 28, 2016 in Hollywood, California. Adidas on Tuesday ended its partnership with Ye, formerly known as Kanye West, after the musician made a series of offensive and antisemitic comments. Adidas said in a statement: "Adidas does not tolerate antisemitism and any other sort of hate speech. Adidas will stop the Adidas Yeezy business with immediate effect." Conservative social media platform Parler then announced Ye had agreed to buy the platform.

☆ Yeezy without the Ye? Who is new ‘sole’ owner
▼ + stars: | 2022-10-25 | by ( Jon Sarlin | ) edition.cnn.com time to read: +7 min

While the Adidas statement definitively closes the door on selling Yeezy branded products, according to legal experts I talked with, it opens the door for them to rebrand the existing Yeezy designs sans Ye. Haff told me that the “sole owner” sentence in Adidas statement is a legal “warning shot” to Ye. Could Ye now build out his own Yeezy fashion brand? Adidas’ Yeezy sneakers were some of the most coveted and influential shoes, often selling for thousands of dollars on the resale market. Last month, Cowen analyst John Kernan estimated that the Yeezy brand accounts for 4 to 8% of Adidas’ overall revenues.

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