// Adidasand Kany West have reached a new agreement following the official termination of its partnership with Yeezy last year
// The remodeled contract will reportedly focus solely on the sale of the existing inventory of the rapper’s shoe line and will not include his clothing line or new designs.
Kanye West and Adidas have reportedly reached a new agreement to sell the remaining $500 million in Yeezy sneaker inventory.
Back in October, the sporting giant terminated its partnership with the controversial rapper and fashion designer over a series of anti-semitic comments which caused West to also lose his Balenciaga and Gap deals.
The remodeled contract will reportedly focus solely on the sale of the existing inventory of the rapper’s famous shoe line and will not include his clothing line or new designs.
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The news comes on the heels of Adidas announcing they expect to take a $1.3 billion hit as a result of dropping the entertainer earlier this month.
“The numbers speak for themselves. We are currently not performing the way we should,” said chief executive Bjørn Gulden on the blow to Adidas’ profit margins
“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.”
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