- Share this article on Facebook
- Share this article on Twitter
- Share this article on Flipboard
- Share this article on Email
- Show additional share options
- Share this article on Linkedin
- Share this article on Pinit
- Share this article on Reddit
- Share this article on Tumblr
- Share this article on Whatsapp
- Share this article on Print
- Share this article on Comment
Following Adidas‘ highly publicized split from Kanye “Ye” West last month after he espoused anti-Semitic sentiments on a multi-stop media tour, the sportswear company has plans to do what many predicted might happen: rebrand Yeezy products in order to continue selling them without Ye.
On a quarterly earnings call this morning, according to Insider, Adidas shared that it intends to release more Yeezys without the artist, who began his business partnership with the company in 2013. Adidas CFO Harm Ohlmeyer confirmed what the company’s public statement, released in late October, said: “Adidas is the sole owner of all design rights registered to existing product. We intend to make use of these rights as early as 2023.”
Related Stories
These rights extend not only to new versions of shoe silhouettes but also to colorways, which are considered Adidas’ intellectual property as the manufacturer and distributor of Yeezy products. (West was essentially creative director.)
The only design Adidas may not be able to release is the Yeezy Slide because West owns the patent. It was filed in 2018 under the musician and designer’s holding company, Mascotte Holdings Inc., and was granted in 2020 with West listed as the inventor.
The Nov. 9 earnings call also revealed that Adidas’ annual revenue would be approximately $502 million lower than projected this year. The company previously acknowledged in its statement announcing the split from West that all of the complications would set it back roughly $247 million.
As reported by Insider, this will balance out a bit next year, when Adidas will save $302 million by not having to pay for Yeezy royalties and marketing.
Ohlmeyer said the company is “working through all the options,” and when asked if Adidas will destroy or simply delay the release of existing merchandise, shared, “When the time is right we will be more concrete.”
THR Newsletters
Sign up for THR news straight to your inbox every day