As the sneaker company Adidas has reported a significant increase in quarterly profits, the German-based athletic brand has settled with its former partner, Ye, formerly known as Kanye West.
According to The Wall Street Journal, the sneaker brand reached an out-of-court settlement with the music producer. The settlement negates all legal claims between Ye and Adidas. This comes two years after Adidas ended its partnership after being in business with the fashion designer since 2013.
Neither side owes the other money, and it dismisses any outstanding claims against the other.
Chief Executive Bjorn Gulden disclosed the settlement during a recent conference call, announcing that Adidas reported a 71% jump in third-quarter net profit. That amount was 443 million euros ($479 million), which surpassed the estimated 388.4 million euros ($422 million) analysts predicted.
The sneaker giant ended its partnership with Ye after he appeared on a deleted Drink Champs episode after practically daring the apparel company to act when he stated, “I can say anti-Semitic things, and Adidas can’t drop me. Now what?”
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
At the time, Ye had gone on several months-long rants disrespecting several companies and spewing what was considered anti-semitic statements about various companies he was associated with and the entertainment industry in general.
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