A lot of partnerships screeched to a swift halt for Ye (formerly known as Kanye West) last year. Over the course of 2022, the music and fashion icon committed to a self-sabotage campaign that saw him alienating the Black Lives Matter movement, vilifying the Jewish community, and very openly flirting with Nazism on public platforms. The fact that most of his acquaintances and partners responded by severing ties with him should surprise no one because he certainly gave them every reason to!
The most notable split from the shitshow that we now call the Final Decline of Ye was his alliance with Adidas coming to an end. His decade-long run with the clothing and accessories giant birthed the lucrative Yeezy brand that has become a staple of modern fashion. Its immense success is undeniable, but so is Ye’s capricious behavior. This has created a dilemma wherein Adidas has to find a way to recover from dropping Ye without upsetting its audience.
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Adidas pulled the plug on their deal with Ye this past October. Amid an unanticipated struggle to sell remaining inventory since parting ways, reports now indicate that the two have come to an agreement to sell $500 million worth of Yeezy sneakers this year; the contract doesn’t pertain to his clothing line or new designs.
Earlier this month, Adidas revealed that they’re preparing for a loss of $1.3 billion from terminating their partnership with Ye. This is an enormous alteration from their initial forecast of losing $250 million in profits and $500 million in revenue.
“The numbers speak for themselves. We are currently not performing the way we should,” Adidas CEO Bjørn Gulden said regarding the company’s profit margins. “2023 will be a year of transition to set the base to again be a growing and profitable company. We will put full focus on the consumer, our athletes, our retail partners and our Adidas employees. Together we will work on creating brand heat, improve our product engine, better serve our distribution and assure that Adidas is a great and fun place to work. adidas has all the ingredients to be successful: A great brand, great people, fantastic partners and a global infrastructure second to none. We need to put the pieces back together again, but I am convinced that over time we will make Adidas shine again. But we need some time.”
Ye has been trying to find a new outlet for his ideas but has been widely unsuccessful. Considering the breakup with Adidas severely changed his financial standing overnight, this compromise is probably the best option for him and his estranged collaborator.
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Balenciaga, GAP, the CCA talent agency, and Def Jam were among the other major names to distance themselves from Ye. The reported deal with Adidas is his first successful attempt at recovering from what now seems like an irreparable fall from grace. When it comes to Ye, however, nothing really seems beyond repair — he has made a career out of proving this time and time again.
Currently, Yeezy sneakers are among the most-sold items on Impossible Kicks, a popular reseller of high-end shoes in the United States.
“Demand for Yeezys has surged 30% since last October-November,” Impossible Kicks CEO John Mocadlo said. “We sell about 30,000 sneakers in total every month. Probably 6,000 to 7,000 of those right now are Yeezys.”
As of now, Impossible Kicks has approximately $2 million worth of Yeezy sneaker inventory, which is around 10,000 pairs. Though the Yeezy stock is drying out, its value is rapidly increasing. With a new supply expected to hit the market, stakeholders of the sneaker resale business will most likely be raking it soon.
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