by Cedric ‘BIG CED’ Thornton
The settlement negates all legal claims between Ye and Adidas as it comes two years after Adidas decided to end the partnership
As the sneaker company Adidas has reported a significant increase in quarterly profits, the German-based athletic brand has settled with its former partner, Ye, formerly known as Kanye West.
Neither side owes the other money, and it dismisses any outstanding claims against the other.
Chief Executive Bjorn Gulden disclosed the settlement during a recent conference call, announcing that Adidas reported a 71% jump in third-quarter net profit. That amount was 443 million euros ($479 million), which surpassed the estimated 388.4 million euros ($422 million) analysts predicted.
The sneaker giant ended its partnership with Ye after he appeared on a deleted Drink Champs episode after practically daring the apparel company to act when he stated, “I can say anti-Semitic things, and Adidas can’t drop me. Now what?”
The episode was deleted, and after the clip went viral, the company released the following statement, “Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
At the time, Ye had gone on several months-long rants disrespecting several companies and spewing what was considered anti-semitic statements about various companies he was associated with and the entertainment industry in general.
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Source: Black Enterprise
