Yeezy

Adidas Could Lose Over $1 Billion In Sales Thanks To Unsellable Yeezy Products They Have Laying Around

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Kanye West Adidas Yeezy 2016
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Adidas has been under severe financial stress since parting ways with Kanye West. According to the company’s CEO Bjorn Gulden, the athletic brand is projected to lose nearly 1.3 billion dollars in sales this year, CNBC reports. In a statement released on February 9, the company notes that the significant dip in sales is linked to its recent separation from the Chicago-bred mogul after being unable to sell off its remaining Yeezy apparel.

The company could also lose an additional $534 million if it cannot repurpose the remaining Yeezy stash, the statement read.

“The numbers speak for themselves. We are currently not performing the way we should,” Gulden said. He also noted that 2023 would be a “year of transition” for the company.

In 2022, Adidas parted ways with the controversial rap star after several anti-semitic comments that he made, as well as the several incidents that followed — including making a pitstop on InfoWars to chat with Alex Jones about his admiration for Hitler and Nazism.

However, the brand shared it would still use its designs without the Yeezy label. So far, they haven’t found much success.

On the other hand, Kanye hasn’t had the best luck either. The former billionaire’s recent antics were hilariously parodied in an episode of South Park. He’s also being investigated for battery after snatching a woman’s phone last month.

All this comes after it was reported that Adidas is taking a $200 million loss on Beyoncé’s Ivy Park.

Adidas Blames Kanye West Amid Potential Losses

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Adidas has been having a bit of a problem as of late, especially as it pertains to Kanye West and Yeezy. Firstly, we must set the stage in order to explain the problem correctly. It all began many months ago as Ye was looking to shed himself off his Adidas deal. Overall, his methods of doing so were highly debated, and for the most part, people did not care for them. His anti-Semitic rants were uncalled for, and it put the sneaker brand in a bad position. Ultimately, they decided to get rid of Kanye, once and for all.

However, the brand opened up a can of worms by noting that they will continue to sell Ye’s designs, albeit with new branding. Now, they have a huge branding conundrum on their hands, and there is no telling if fans will like to purchase these shoes without “Yeezy” written on them. Furthermore, Adidas was left with a massive inventory of Yeezy sneakers that they aren’t sure what to do with. In fact, they have $534 million worth of them.

Adidas Has A Problem

Kanye West attends the Givenchy Womenswear Spring/Summer 2023 show as part of Paris Fashion Week on October 02, 2022 in Paris, France. (Photo by Stephane Cardinale – Corbis/Corbis via Getty Images)

According to TMZ, the three-stripes brand is now very concerned about this. During a recent call, the brand noted that it could lose upwards of $1.3 billion in 2023 alone. Mostly, they are putting the blame squarely on the shoulders of Kanye. Without him, they have lost a ton of momentum. Consequently, Adidas CEO Bjorn Gulden is calling this a transitional year for the company. While this may be the case, it is definitely not off to a good start.

Overall, this is a bad situation for Adidas, albeit one that they had very little agency over. With Ye acting erratically, they needed to cut ties. Now, however, Adidas must find a new way to attract consumers, that does not involve Yeezy. Let us know what you think about this situation, in the comments below. Additionally, stay tuned to HNHH for the latest news and updates from around the sneaker world.

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Adidas Quietly Shuts Down Yeezy Supply Website Months After Ending Partnership With Kanye

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Adidas has finally shut down the YeezySupply website, finalizing the end of their partnership with Kanye West. The move comes months after the footwear company ended their partnership with Ye after his anti-semitic tirade last year.

While the link to the website is still searchable, the URL no longer directs users to a functioning domain. Instead, users are given an “error” message.

While the website may be gone, Adidas is reportedly sitting on half a billion dollars worth of Yeezy inventory. After they announced the end of their partnership with Ye, Adidas Chief FInancial Officer Harm Ohlmeyer said that Adidas would be releasing the Yeezy stock as early as 2023 but without any Yeezy branding, despite the branding on the shoes being minimal, and in some cases, unnoticeable.

“Let me be clear, we own all the IP, we own all the designs, we own all the versions and new colorways,” Ohlmeyer said. He added that Adidas would be saving $302 million in marketing and royalties since they no longer have to pay the Yeezy business.

Despite being stripped of his billionaire status, Ye seems relatively unfazed by being dropped by every company he was partnered with. He has been relatively quiet since only dropping a couple of songs not on DSPs and being caught in videos arguing with paparazzi.

Despite the ending of his partnership with Adidas, Ye still owns the Yeezy name and still has s dedicated fanbase that is eagerly waiting for him to drop new apparel.

The post Adidas Quietly Shuts Down Yeezy Supply Website Months After Ending Partnership With Kanye appeared first on The Source.

Who Did Kanye West Reportedly Marry?

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Apparently, Kanye West has found himself a new Mrs. West. Just months after finalizing his divorce from reality TV star Kim Kardashian, according to TMZ, the rapper and fashion designer tied the knot in a secret ceremony earlier this week. While West has escaped the public eye since his series of controversial statements, many are confused at the idea of him being a married man yet again, as it’s not clear with whom he has been romantically linked as of late. So, who is West’s mystery bride?

In TMZ’s reporting, the alleged West’s new better half is none other than a former Yeezy employee, Bianca Censori. Although Adidas has long since moved on from its partnership with West, relaunching its Adidas 350 V2 Granites without the Yeezy branding this month, it seems like West took something special for himself, too: a partner. On Censori’s LinkedIn page, she listed her role at Yeezy to be “Head of Architecture,” where she’s been employed since November 2020.

There isn’t a record of a marriage certificate, but West has been spotted wearing a new wedding band. Also, he seemingly hinted at their relationship last month on an unnamed track referred to as “Censori Overload” on which he raps, “The Bible said I can’t have any more sex ’til marriage.”

Knowing West’s love for telling his own story, it is only a matter of time before he shares the big news.

Kanye West Reportedly Got Married To A Yeezy Architectural Designer

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Well, it appears that after his and Kim Kardashian’s divorce, Kanye West is once again a married man: TMZ reports that according to “sources connected to the couple,” he and a woman named Bianca Censori recently had a “secret wedding.”

The two apparently had a wedding ceremony but have yet to file a marriage certificate, which would mean the two are not yet legally married. Still, though, earlier this week, Ye and Censori were seen at the Waldorf Astoria in Beverly Hills and West was wearing a wedding ring.

Censori’s LinkedIn page lists her as “Head of Architecture at YEEZY” and notes she’s worked as an “Architectural Designer” at Yeezy since November 2020. It also indicates she earned a Bachelor of Architecture degree from the University Of Melbourne in 2017 before getting her Master of Architecture degree from the same school in 2020. In 2013, founded a jewellery company called Nylons Jewellery.

Last month, West shared a song that wasn’t given an official title but has been referred to as “Censori Overload” due to the message Ye shared alongside it: “Censori overload. The variable epitope library from the antigen promotes an immune response in the body.” On the track, he raps, “The Bible said I can’t have anymore sex ’til marriage.”

Adidas Is Reportedly Sitting On $530 Million Worth Of Yeezys

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At this point, everyone knows that Adidas has dropped Ye from its brand. After all, Kanye was doing some wild things on social media at the time, and quite frankly, he still is. Overall, no brand wants to be associated with straight-up Nazi propaganda, at least not post-World War 2.

Now that Ye is gone from the brand, Adidas has had to make some huge decisions in regard to how the brand will operate. Yeezy made up seven percent of their business. Additionally, according to USA Today, Yeezy accounted for $1.8 billion in revenue this year. Had it not been for the controversies, that number would have been higher

Kanye West, center, and his son, Saint West, got front row seats next to Golden State Warriors co-owners Joe Lacob and Peter Guber as they watch the game against the Boston Celtics in the second quarter at Chase Center in San Francisco, Calif., on Wednesday, March 16, 2022. (Photo by Ray Chavez/MediaNews Group/The Mercury News via Getty Images)

Adidas Has A Problem On Its Hands

In a new report from the Financial Times, it was revealed that Adidas is currently sitting on $530 million worth of Yeezys. By this, we mean the Yeezys that already had the Yeezy branding on them. In the future, the three-stripes brand will sell the original designs without Yeezy branding. However, they produced a whole lot of sneakers prior to cutting ties with Ye.

At this point, there is no telling what Adidas could even do with the shoes. No matter what, they are in an incredibly bad spot. If they burn the shoes, then that is $530 million down the drain. Meanwhile, they can’t sell them because that would be against the morals of the brand.

Kanye West onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California. (Photo by Paras Griffin/Getty Images for BET)

Overall, this has been a hard time for the brand, and it will only get harder from here. Without Yeezy, Adidas could see some massive losses in 2023. Not to mention, there is no guarantee that the Yeezy rebranding is successful.

Let us know what you think Adidas should do, down in the comments below. Additionally, stay tuned to HNHH for the latest news from the sneaker world.

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Adidas Is Reportedly Gearing Up To Release Former Yeezy Designs Without The Kanye West’s Branding

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It has only been a few months since Adidas cut ties with Kanye West and the company is reportedly already preparing to start releasing its former Yeezy Supply models without the rapper’s branding. Alleged photos of the rebranded Adidas 350 V2 model hit Twitter, setting the trending topics abuzz with users weighing in on the move. The overwhelming sentiment appears to be that without the Kanye co-sign, the 350s could end up being DOA when they supposedly hit shelves early next year.

Kanye’s partnership with Adidas hit the skids sometime over the past year, with the rapper using his social media to criticize Adidas employees, including former CEO Kasper Rørsted and Vice President Daniel Cherry. He called the Adilette Slide a “fake Yeezy” despite some pretty obvious cosmetic differences, and even called out the brand for its Yeezy Day promotion going ahead without his approval — approval industry sources say he refused to give unless his demand to be installed as CEO was granted. When he started making antisemitic comments on social media and in interviews, claiming a cabal of Jews controlled the world economy, Adidas put the partnership under review. In the end, Kanye was sent packing with 100 percent of his brand but none of the designs, which Adidas created with its own resources and some input from Kanye. As it turns out, that brand may not be worth much at this point.

It was later revealed that throughout the partnership, Kanye had behaved extremely unprofessionally, bullying employees, harassing them with porn, and otherwise terrorizing anyone who had to work with him. Although Yeezy Supply brought in at least a billion dollars annually, in the end, Adidas seems better off without him — and if the 350s don’t sell, something tells me they’ll be just fine without them.

Kanye West’s L.A. Yeezy Office Facing Eviction: Report

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Kanye West is reportedly in danger of facing eviction from his Yeezy office in Los Angeles. Court documents obtained by The Blast cite Ye’s apparel company as being $63,254 behind on rent.

“Within three days after service of this notice on you, you must pay the amount of said rent in full or quit said premises and deliver up possession of the same to the authorized agent for your landlord,” the eviction notice reads.

LOS ANGELES, CA – AUGUST 30: Vanguard Award winner Kanye West speaks onstage during the 2015 MTV Video Music Awards at Microsoft Theater on August 30, 2015 in Los Angeles, California. (Photo by Kevork Djansezian/Getty Images)

The company renting Ye the property, CT Calabasas, wants him out within 72 hours.

The documents continue: “If you fail to pay or quit, legal proceedings will be instituted against you for possession of the premises, forfeiture of the agreement, and for monetary damages as may be allowed by law. You are further notified that by this Notice the Landlord elects to and does hereby declare a forfeiture of said Lease if said rent is not paid in full within three (3) days.”

CT Calabasas claims West agreed to pay $31,477.40 a month for the office space back in 2015. At the time, West listed the Yeezy brand as simply “West Brands Fashion.” The property totals 15,000 square feet of office space.

The eviction notice comes after West’s net worth took a substantial hit over the last month. Due to countless antisemitic remarks and other controversial behavior, Ye has lost out on numerous business deals.

In addition to rent troubles, the Yeezy brand reportedly also owes over $600,000 in unpaid taxes. West previously estimated himself as owing $50 million in total taxes during an appearance on the Timecast IRL podcast.

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Ye Isn’t The Only One In Tax Trouble As His Yeezy Clothing Brand Reportedly Owes A Big Bill In Caifornia

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Kanye West recently tried to spin his current financial troubles as an opportunity to learn how his businesses really work, but he may be getting more of an education than he bargained for. While Kanye himself reportedly owes $50,000,000 in back taxes to the federal government (along with $200,000 a month to his ex Kim Kardashian for child support), one of his businesses is also apparently in hot water with tax authorities in California. NBC News reports that the fashion mogul’s Yeezy brand currently owes $600,000 in back taxes to the state, which is where it’s registered and Kanye resides.

According to records reviewed by NBC News, three tax lien warnings were sent to the business in July 2021, February 2022, and this past September. Tax law experts consulted by NBC said that more than just a sign of poor bookkeeping, the ignored notices could be an indicator that the Yeezy brand is not doing well financially, despite lucrative partnerships with both Adidas and Gap. Both partnerships were dissolved earlier this year after Kanye repeatedly made antisemitic remarks, prompting Forbes to reverse his billionaire status.

Since liens are only imposed after repeated communication attempts, it has to be assumed that Kanye’s business managers and accountants dropped the ball somewhere along the line. Of course, this would seem to be in line with the slapdash way in which he appears to conduct business from the broken rollouts of his 2018 Wyoming projects to his disastrous 2020 presidential campaign. Here’s hoping that all the muck in which he’s found himself finally inspires him to go get the help he pretty clearly needs.