The ongoing dispute between Adidas and Kanye West has come to an end with both parties reaching an out-of-court agreement that involves no financial exchanges.
- Oct 30, 2024
AceShowbiz - Adidas and Kanye West have settled all legal claims stemming from the company's termination of their partnership in 2022. Adidas CEO Bjorn Gulden announced the settlement during a quarterly earnings call, stating that "both parties said we don't need to fight anymore and withdrew all the claims."
The settlement concludes without any financial exchanges between the two parties. Gulden emphasized that "no one owes anybody anything anymore." The exact details of the legal disputes that were resolved are unclear.
Adidas terminated its collaboration with West following a series of antisemitic comments he made. The split left the company with $1.3 billion worth of unsold Yeezy products, which it has been selling in batches while donating the proceeds to charities.
West has previously claimed that his wealth was impacted by the termination of his partnerships, alleging that he lost $2 billion in a single day. However, Gulden stated that he "doesn't think [West] meant what he said" and that he "don't think he's a bad person."
The settlement brings an end to the legal proceedings between Adidas and West. The company will continue to sell its remaining Yeezy inventory, with the proceeds going towards anti-discrimination initiatives. Adidas has reported a 7% increase in sales for the third quarter of 2024, aided by the success of other shoe collections such as the Samba, Gazelle and Campus.
