According to the latest report from Hiphopdx, Kanye West has reunited with his former business partner Adidas to sell the remaining Yeezy products on the market which is likely to fetch a chunk of dollars for both parties.
Hiphopdx said the new agreement from Kanye West, who is legally known as Ye, will facilitate the selling of the old products left with Adidas after they parted ways with him. The contract is short-term that will not promote the production of new designs and collections on the market. That is just to sell the remaining products.
A source told Hiphopdx that the products with Adidas are estimated to be around $500 million in excess, which is a huge amount to be cashed out by Ye and Adidas. This will enable Adidas to perhaps bridge the gap of the losses they announced at the beginning of the year as a result of parting ways with Ye.
Last Month, Adidas and some numerous companies that dropped Ye announced that they could account for the projected loss for the year 2023.
TMZ notes, according to a statement from Adidas, that they were unable to sell the remaining Yeezy designs and collections in their possession. The revealed partying ways with Kanye West could account for the estimated loss of $1.3 billion for the 2023 fiscal year.
The statement from CEO Bjørn Gulden highlighted Adida’s crisis after dropping Ye. There were several reports that Kanye West could receive some shares in case Adidas sold the products.
Multiple reports suggest the companies who cut ties with Ye are struggling business-wise.
Kanye West, who married in a private wedding with Australian-born Bianca Censori, was dropped by Adidas last year for his anti-semitic comments on the internet and during interviews.
Kanye West’s comments became the talk for months causing his fallout with Jewish people. The rapper and fashion designer later apologized for his acts. His comments affected his business to the extent that Fobes said he is no longer a billionaire.