Adidas remains the ‘sole owner’ of certain design rights (Picture: Getty/AFP)
Rapper Kanye West has been at the centre of several controversies recently, leading to his partnership with Adidas coming to an end – but the brand still plan on selling his collection.
Adidas says it plans to continue releasing shoes designed in collaboration with Kanye West without the Yeezy brand, after terminating its 10-year relationship with the US rapper last month.
Bosses at the German sportswear brand reiterated it was the ‘sole owner’ of certain design rights and upcoming colour-ways, and intended to make use of them next year.
The company announced it was ending production of its Yeezy branded products with ‘immediate effect’ at the end of October.
But, on a Wednesday call to discuss quarterly earnings, Adidas’ chief financial officer Harm Ohlmeyer said plans to ‘leverage the existing inventory’ were currently being developed, according to US outlets.
‘Adidas is the sole owner of all design rights registered to existing products,’ he said.
The Gold Digger rapper’s collection will still be sold, but without his name attached (Picture: GC Images)
‘We intend to make use of these rights as early as 2023.’
The company, who faced pressure to cut ties with West over his antisemitic remarks on social media, condemned his comments as ‘unacceptable, hateful and dangerous.’
Adidas’ decision to terminate the partnership cost the rapper, who has legally changed his name to Ye, his spot on the Forbes billionaires’ list.
The contract accounted for around $1.5billion (£1.3billion), according to the US business magazine.
At the time, Adidas said it expected the decision to have a ‘short-term negative impact of up to €20million on the company’s net income in, 2022 given the high seasonality of the fourth quarter.’
Adidas ended their 10-year relationship with West in October (Picture: GC Images)
On Wednesday, Adidas also announced it had lowered its earnings forecast for the year to account for losses from ending its partnership with the Gold Digger musician, though Ohlmeyer said the profitability of the enterprise had been ‘overstated.’
The company would largely offset the impact of the breakup next year by no longer having to pay royalties and marketing fees for the brand, he said.
It comes after the company appointed Bjorn Gulden, the CEO of rival Puma, as its new chief executive.
The rapper has been embroiled in controversy recently after comments about Jewish and Black communities (Picture: Getty)
He will take over Adidas in January as the company continues to weather the fallout from its split with West.
As for the rapper turned fashion designer, he’s been making headlines for all the wrong reasons after his comments about the Jewish community and calling Black Lives Matter a ‘scam’.
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The 45-year-old later issued an apology to the Black and Jewish communities, but he continues to be embroiled in scandals.
Earlier this month, it was claimed that the Jesus Walks rapper paid a settlement to a former employee, after six came forward to make similar allegations that he used anti-semitic language in business settings and made complimentary statements about Nazi dictator Hitler.
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The Yeezy brand won’t be attached.
