Adidas ‘Yeezy’ shoes, sold out due to Kanye West kerfuffle, could return as early as 2023
Adidas intends to bring back the “Yeezy” shoe as soon as next year, despite the termination of the agreement between the clothing company and Ye, the rapper mogul formerly known as Kanye West.
The company severed professional ties with Ye on October 25 in response to his anti-Semitic remarks made on social media and elsewhere.
During Adidas’ third-quarter earnings call, CFO Harm Ohlmeyer revealed exactly who owns the shoe’s designs, branding notwithstanding.
“Adidas is the sole owner of all design rights, willing to [ship] existing product as well as previous and new colorways under the partnership, and we intend to use those rights as early as 2023,” Mr. Ohlmeyer said, according to a transcript of the call from Seeking Alpha, a site for news and information for investors. .
The shoes would not be sold under the Yeezy label, but the rest of the intellectual property around most shoe varieties is entirely owned by Adidas.
“We are the sole owners of the intellectual property rights, current and future colors. And of course we also have a lot of stuff in the archives. … These are definitely current products, but also future products and, as you say, not under the Yeezy label,” Mr. Ohlmeyer explained during the call.
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The cancellation of the cooperation between Ye and Adidas has some short-term difficulties; a shortfall of up to $255 million (250 million euros) for 2022, especially in the fourth quarter where Yeezy shoes sold the best.
However, the upside for Adidas is that with the cancellation of the Ye partnership, the company will save around $305 million (€300 million) in royalties and marketing costs.
Some experts doubt that selling visually distinctive shoes without Yeezy branding will succeed.
Adidas “should refrain from re-launching items under its own brand, as they will always be synonymous with West, and this would likely result in muted customer demand,” Darcey Jupp, apparel analyst at GlobalData, said in a note to the media. customers, according to CNN.