Adidas has reached an out-of-court settlement with rapper Ye to end all legal proceedings between them, the sportswear brand said on Tuesday, adding that no money changed hands in the agreement.
Adidas and Ye had been embroiled in multiple lawsuits for the past two years, since the German company ended a partnership with the rapper previously known as Kanye West over antisemitic comments he made.
“There isn’t any more open issues, and there is no… money going either way, and we both move on,” CEO Bjorn Gulden told reporters on a conference call, declining to give further details of the deal.
Adidas and Ye had been embroiled in multiple lawsuits for the past two years. Getty Images
“There were tensions on many issues, and… when you put the claims on the right side and you put the claims on the left side, both parties said we don’t need to fight anymore and withdrew all the claims,” Gulden added.
The sale of parts of the remaining Yeezy inventory generated revenue of around 200 million euros ($215 million) in the quarter – well below Yeezy sales of around 350 million euros in the same quarter last year.
The sale of parts of the remaining Yeezy inventory generated revenue of around 200 million euros ($215 million) in the quarter. AP
Separately, Adidas saw strong growth in Greater China in the third quarter, while sales in North America excluding Yeezy shoes were up on the year thanks to improving brand image, the company said Tuesday.