German multinational corporation Adidas has concluded all legal proceedings with popular American rapper Kanye West, also known as Yeezy.
Nigerian Politico reports that Adidas initially terminated its partnership with Kanye in 2022 due to public pressure from the American Jewish Committee (AJC) over the artist’s antisemitic comments.
However, speaking on Tuesday, the company’s chief executive, Bjorn Gulden, said it had “reached an out of court settlement with West to end all legal proceedings without money exchange.”
“The drama with West belongs to the past. Negotiations and settlements have been done,” Gulden stated without providing details of the agreement.
After ending the partnership in 2022, Adidas was left with Yeezy stock valued at approximately €1.2 billion (£840 million).
Following the resolution of the legal dispute, the company announced that the final Yeezy stocks will be sold by the end of 2024.
