By TMZ | Created at 2024-10-29 22:01:20 | Updated at 2024-10-30 01:35:49
8 hours ago
Adidas We've Settled Our Beef With Ye!!! No Money Either Way 2 Years After Fallout
Adidas and Kanye West reportedly reached an out-of-court settlement 2 years after facing off in a number of lawsuits.
The sportswear company’s CEO, Bjørn Gulden, who oversees the Germany-based business, issued the update in a conference call with reporters Tuesday ... sharing a resolution has been reached after Adidas ended its working relationship with Ye over his past antisemitic comments.
The CEO reportedly said there are no more open issues, "and there is no … money going either way, and we both move on."
While Gulden didn't address Ye's controversial remarks directly, he did note there had been "tensions on many issues" ... but both sides said "we don't need to fight anymore" and both withdrew claims, according to Reuters.
It seems as though Gulden doesn't regret Adidas' decision to part ways with the rapper ... even though the company only made an estimated $215 million from selling the remaining Yeezy inventory -- more than $100 million less than the year before.
However, Adidas did see an increase in the Greater China market and in North America after ending the Yeezy deal ... with the company citing a better brand image as the cause.
Adidas announced their decision to stop working with Kanye back in October 2022 amid a boycott call following the rap mogul's antisemitic remarks. At the time, Adidas stated they were expecting to lose $246 million in net income over the decision.
Still, the shoe company stood by its decision, saying ... "Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness."
We've reached out to Kanye's reps for comment ... so far, no word back.
