After cutting ties with Ye last month, adidas has plans to continue selling Yeezy products but under a new name, insider reports. “adidas is the sole owner of all design rights registered to existing product,” said brand’s Chief Financial Officer Harm Ohlmeyer to shareholders on Wednesday during a quarterly earnings call. “We intend to make use of these rights as early as 2023.”
The announcement didn’t come with details but the CFO assures that all will be revealed in due time.
Ohlmeyer continued: “We need to take our time to review what the best options are. When the time is right we will be more concrete.” Ohlmeyer added that the company owns “all the versions and new colorways. It’s our IP.”
adidas was one of the first of many companies to cut ties with the iconic recording artist, including Balenciaga, Gap, and Ye’s longtime recording home Def Jam Records. The severed ties descended Ye’s billionaire stature as it was revealed that the mogul is now the fourth wealthiest hip hop mogul on Forbes at $400 million dollars. The top three wealthiest hip hop stars are Jay-Z, Diddy and Berner.
Earlier this week, it was announced that Ye has been sued by Boogie Down Productions for the illegal use of sample on his stem player, which included Ye’s latest album, Donda 2.