Sports giant adidas, which broke its contract with Kanye West last year, has agreed to sell off nearly $500 million of joint-branded Yeezy product inventory.
As part of the deal, adidas will sell unbranded Yeezy sneakers without the right to release new models. The official confirmation of the collaboration came soon after it became known that adidas could write off about $1.3 billion due to a contract breakdown and the inability to sell the remaining Yeezy collections.
It was previously reported that the company was considering various scenarios to get the right to sell the stock with any branding. The company lost the right to sell Yeezy-branded footwear after its partnership with West was terminated.
Kanye West was the subject of widespread criticism after he made a series of offensive remarks in interviews and on social media. Balenciaga and a number of agencies have also refused to cooperate with the musician and designer. adidas has become the most affected party in this story with West. The musician still needs to comment on the new agreement to sell the stock.
