On Thursday, leading sneaker and apparel maker Adidas said that its relationship with the Yeezy brand promoted by celebrity Kanye West was under review. Although the German brand and the American rapper have been in a profitable business relationship from close to a decade, Ye’s controversial remarks, personal criticism of the company as well as of other people and issues might have led to the review.
According to a report in CNBC, Adidas released a statement that mentioned that the company had made several “efforts to resolve the issue privately.” However, as there had been no resolution, the sneaker and apparel maker decided “to place the relationship under review.” The global German sportswear company also stated that it would “continue to co-manage the current product during this period.”
The Adidas partnership with Kanye West has been extremely successful globally. He also had a successful relationship with Gap clothing but had gone on a personal rant against them last month, following which the clothing giant had terminated their relationship with Ye, as he is now called.
According to Bloomberg, the outlet had reviewed a private document by UBS Group AG, in which Kanye West’s sneaker and apparel business with both the global brands Adidas AG and Gap was said to worth between $3.2 billion and $4.7 billion.
Kanye West reportedly received 15 percent of the sales as royalty from Adidas for lending his brand name Yeezy. Adidas manufactures these products and owns the designs, as a part of the deal, according to people familiar with the matter.
https://www.instagram.com/p/CiNbJ9hMOgD/?hl=en
On Thursday, rapper Kanye West responded in an expletive laden post on social media. The celebrity, who recently faced a lot of criticism for wearing and promoting “White Lives Matter” at a recent show, on October 3, during Paris Fashion Week, used an expletive and claimed that he was Adidas. He also alleged mentioned stolen designs, before deleting the post.
Although Adidas has not mentioned any reason for putting its successful relationship with Kanye West under review, the company has also said that “successful partnerships are rooted in mutual respect and shared values.”
In another Celebrity News update Fashion House ParisJewelry.com has started manufacturing new custom line of celebrity jewelry products.
Walmart launches Exclusive Line—Gap Home Kids
