Adidas to receive €100million boost after settling with Kanye West after years of lawsuits

nme.com:

Kanye West – after years of lawsuits that followed the abrupt end of their partnership.Adidas and West – now known as Ye – had been embroiled in lawsuits after the rapper’s anti-Semitic comments made on X/Twitter caused the sportswear brand to pull their sponsorship under the collaborative Yeezy brand.While the rapper and producer has refused to accept that the term “anti-Semitism” exists because he claims it’s “not factual”, he did offer something of an “apology” to those whom he’s offended with his comments.

Earlier this year, West also said that he was “two months from going bankrupt” after Adidas cut ties with him.Adidas CEO Bjørn Gulden revealed in a press call today (October 29) that “both parties said we don’t need to fight anymore and withdrew all the claims,” per Bloomberg.

He added: “The agreement didn’t include any payments. No one owes anybody anything anymore. So whatever was is history.”NME has reached out to Yeezy representatives for comment.According to Financial Times, Adidas will also receive a boost of around €100mn to its operating profit after it unwound a previous provision relating to outstanding legal issues in the aftermath of the settlement.

Gulden noted in the call that the company would donate to charity an amount equal to its €100mn provision.Last year, Gulden admitted that the loss of Yeezy was “of course hurting us”, particularly sales in North America, which had seen a 20 per cent loss.