Kanye West Leaves Adidas in Major Financial Meltdown Hurricane, Sports Giant Stuck With $1.3B Worth Yeezy Shoes No One Wants to Buy
Anything Kanye West has been associated with has not fared well for the last couple of years. The Donda rapper’s life has turned upside down ever since he became embroiled in controversy for his anti-semitic remarks and the Paris Fashion Week. A movement of boycotting Ye had started gaining momentum. Every brand was rushing to dissociate itself from him. And one of those was Adidas. The fashion giant has distanced itself from the father of four. But the dissociation came at a cost. Even they did not walk away unscathed.
Kanye West made Adidas a bucket load of money over the years
Adidas began its association with Kanye West all the way back in 2015. The signing shook the fashion world to its core, bringing the industry to its knees. The partnership was expected to earn Adidas a lot of money. And it is safe to say that it bore results.
The Yeezy founder made a bucket load of money for Adidas over the years he has been associated with them. Safe to say it has been a really beneficial partnership for all people concerned. Enter West’s anti-semitic remarks.
How Kanye West found out Adidas can do stuff to him
The Bound 2 rapper found himself at the wrong end of the straw last year after his social media tirade. The Heartless singer was at the heart of his controversy after making anti-semitic remarks. He famously once said, “I can say anti-Semitic things, and Adidas can’t drop me.” The joke’s on him now though.
Adidas dropped the 45-year-old after fans vented their anger at him. His net worth took a serious dive after he was cut off by Adidas. But the German company has not fared well either. It was expected that they would have to face a short-term loss of $250 million. But the numbers are far more drastic.
Also Read: Why Did Kanye West Break His Promise To Be in Jennifer Lopez’s Song?
The Yeezy Conundrum for Adidas
Adidas is staring down a multi-billion dollar barrel. They have incurred losses worth $537 million. To add to their woes, the giants are stuck with $1.3 billion worth of Yeezy shoes even after cutting ties with the Famous singer. To add to their headaches, they have no idea what to do with those shoes.
Addressing the issues, Adidas CEO said that destroying them could “raise sustainability issues”. And selling them doesn’t seem like a viable option for the giants (even if they were to hide the Yeezy tag). A solution is still looking far away. Only time will tell.
Source: Twitter
