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Adidas Yeezy's prices are expected to skyrocket after the German fashion brand ended its ties with Kanye West.
Following West's online and interview spree of sharing anti-Semitic thoughts over the weeks, several brands and companies like Vogue, Balenciaga, the Creative Talent Agency, and Gap have distanced themselves and cut ties with the rapper.
In an official statement, Adidas said:
"After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the adidas Yeezy business with immediate effect."
This has led several fans to wonder about the ownership of the multi-billion brand, which has been collaborating with Kanye West in producing luxe footwear and accessories since 2015.
Both Kanye West and Adidas have ownership of Yeezy
While Adidas may have ended its terms with the Famous rapper, Kanye West still owns and has rights to the brand. In an official statement issued by Adidas, the company mentioned a line that raised eyebrows about the company's future.
“Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
In a 2019 interview with Forbes, Kanye West stated that he owned the brand in its entirety. However, according to Footwear News, a lawyer named Jared Goldstein explained to the publication that even though the rapper might still own the brand name, he would have no control over the future of shoe designs as it falls under the intellectual property held by Adidas.
Until October 25, 2022, Adidas and Yeezy had an exclusive footwear contract that allowed them to collaborate and split revenues.
Now that the ties have been broken, the brand's prices are expected to rise since the products will be difficult to find. Due to small production quantities and limited edition ranges, Yeezy's products are already challenging to find. Since the items will not be produced in bulk, the brand's value is expected to rise.
While discussing the possible price range of the brand in the near future with Forbes, eBay reseller Jon Schaefer predicted that it could hike by almost 50 percent.
Adidas and Kanye West collaborated for the brand in 2015 when the rapper released its first Boost 750. Since then, the brand has produced several footwear, accessories, and apparel for all genders.
According to Market Realist, Kanye West once claimed that Philadelphia rapper Beanie Sigel came up with the name "Yeezy." He also stated that he owes Sigel $50 million and five percent ownership of the brand.
While Adidas and Kanye West's partnership lasted, the rapper garnered 15 percent of royalties from the brand's footwear sales.
