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Adidas takes over $500 million worth of Yeezy sneakers after parting ways with Kanye West, report says

Adidas pocketed $530 million worth of Yeezy sneakers after cutting ties with Kanye West, the Financial Times reported.

The German sportswear giant is now trying to sell the items under its own brand to minimize potential losses, according to the report.

Yeezy accounted for about 7% of Adidas sales this year worth $1.8 billion, the newspaper said.

The Adidas-Yeezy partnership came to an abrupt halt in October after the rapper made anti-Semitic comments on Twitter. Adidas declared that its benefits would be affected by 247 million dollars.

Other companies pulled Yeezy products from their stores as a result of West’s comments, including Balenciaga, Gap and Footlocker.

Last month, Adidas announced it was investigating West, also known as Ye, following a Rolling Stone report that he had acted inappropriately with Yeezy staff.

He claimed West showed workers explicit material of his ex-wife Kim Kardashian at a meeting, based on interviews with more than two dozen former Yeezy and Adidas employees.

The Rolling Stone report included claims by a former Yeezy employee that she saw Ye tell a young woman of color to sit on the floor during an hour-long meeting. She allegedly told the designer that she didn’t “deserve to sit at the table.”

https://businessinsider.mx/

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