Kanye West may have the last laugh in the battle against Adidas, after all. Yesterday, Kanye won against the brand in court. The rapper has been engaged in a legal battle with Adidas for the past six months. The conflict began when Kanye publicly expressed his desire to end his deal with them. However, Adidas, recognizing Kanye's significant financial value, was reluctant to let him go. Kanye then resorted to making anti-Semitic remarks, which ultimately forced Adidas to sever ties with him due to the financial implications. Obviously, in this day and age, it is not advisable for a company to associate with someone that makes the kinds of remarks that Kanye made.
Recently, it was confirmed that Adidas had frozen Kanye's assets, including $75 million across his Yeezy bank accounts. Kanye fought to regain control of his assets. Yesterday, he scored a temporary win when a judge denied Adidas' request for an emergency re-freeze. Adidas will now seek a normal asset freeze in the coming days, but it remains uncertain whether they will be successful in their efforts. Now, the company plans to begin selling off its backstock of Yeezys. There is, however, one caveat. They will be donating a portion of the proceeds to fight against antisemitism.
Adidas Uses Kanye To Fight Antisemitism
Adidas has announced a plan to sell the remaining inventory of Kanye West's Yeezy sneakers. They will donate a portion of the proceeds to organizations working against discrimination, hate, racism, and antisemitism. The company's CEO, Bjorn Gulden, stated that selling and donating the inventory was the preferred option among stakeholders. The benefiting organizations include the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change. Adidas is also considering additional releases of existing inventory.
Today, the plan went into action on Adidas' official site, where they advertised the sale of "some of the remaining inventory." They also highlighted the donation aspect. The products available include both existing designs and designs initiated in 2022 for sale in 2023. The announcement has no immediate impact on Adidas' financial guidance for 2023. What do you think about the battle between Kanye and Adidas? Who do you think will have the last laugh in the end? Sound off in the comments below!