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Adidas has reached a new agreement with Kanye West that will ensure that the footwear brand sells the remaining $500m (£417.4m) in Yeezy sneaker stock.
According to the retailer, the new contract will focus solely on the sale of the existing inventory of West’s shoe line and will not include the rapper’s clothing line or new designs.
The news comes as, in October 2022, the sports retailer severed its partnership with West on account of the rapper’s controversies and series of anti-semitic comments.
This also resulted in West losing his brand deals with Balenciaga and Gap.
In addition, the retailer expects to lose $1.3bn (£1.09bn) as a direct result of dropping West earlier this month.
Bjørn Gulden, chief executive officer of Adidas, said: “The numbers speak for themselves. We are currently not performing the way we should. 2023 will be a year of transition to set the base to again be a growing and profitable company.
“We will put full focus on the consumer, our athletes, our retail partners and our adidas employees. Together we will work on creating brand heat, improve our product engine, better serve our distribution and assure that Adidas is a great and fun place to work.”
