Adidas financial reports and public announcements

Adidas Settles Legal Disputes with Ye, No Money Exchanged; €100 Million Boost After $600 Million Loss

Oct 29, 2024, 02:56 PM

Adidas has announced that it has reached an out-of-court settlement with rapper Ye, formerly known as Kanye West, concluding all legal disputes stemming from their partnership's termination in 2022. The settlement, confirmed during a media call by Adidas CFO, reportedly involved no monetary exchange. This agreement comes after Adidas faced significant financial losses, including a $600 million drop in sales following the halt of the Yeezy shoe line and subsequent lawsuits from shareholders related to Ye's controversial behavior. The settlement is expected to provide Adidas with a €100 million boost, as the company can now move forward without the legal entanglements that have persisted for two years since the partnership's dissolution over Ye's antisemitic comments.