Adidas said it plans to continue releasing shoes designed in collaboration with Kanye West without the Yeezy branding, after ending its partnership with the American rapper last month.
German sportswear brand osses reiterated that it is the “sole owner” of some of the upcoming color and design rights, and plans to use them next year.
The company has announced that it will discontinue production of its Yeezy-branded products with “instant effect” by the end of October.
But on a call Wednesday to discuss quarterly earnings, Adidas chief financial officer Harm Ohlmeyer said a plan to “take advantage of existing inventory” is currently in development, according to US stores. .
“Adidas is the sole owner of all registered design rights to existing products,” he said.
“We plan to use these rights as early as 2023.”
The company, who has faced pressure to sever ties with West because of his objectionable comments on social media, condemned his comments as “unacceptable, hateful”. and dangerous”.
The decision to end the partnership earned the rapper, who legally changed his name to Ye, his place on Forbes’ billionaires list.
According to the American business magazine, the contract is worth around $1.5 billion (£1.3 billion).
Adidas is the sole owner of all registered design rights to existing products. We plan to use these rights as early as 2023.Adidas CFO, Harm Ohlmeyer
At the time, Adidas said it expected the decision to have “a short-term negative impact of up to €250 million on the company’s net income in 2022 due to the high seasonality of the fourth quarter.” .
On Wednesday, Adidas also announced it had lowered its earnings forecast for the year to address a loss caused by the termination of its partnership with the rapper, although Ohlmeyer said the business’ profits were “overstated.” .
Video of the day
The company will largely offset the impact of the breakup next year, he said, by no longer paying royalties and marketing fees for the brand.
It comes after the company appointed Bjorn Gulden, CEO of rival Puma, as its new chief executive.
He will take over at Adidas in January as the company continues to weather setbacks following its split with West.
https://www.independent.ie/entertainment/music/adidas-to-continue-selling-shoes-designed-with-kanye-west-without-yeezy-brand-42133069.html Adidas continues to sell shoes designed with Kanye West, no Yeezy branding