Kanye: Adidas Can’t Refreeze $75M In Yeezy Brand
Kanye has won his latest legal battle against Adidas. In a turn of events, things are seemingly looking up for the controversial rapper. Court documents obtained by Billboard on Tuesday (May 30), indicate that a Manhattan federal judge denied Adidas’ request for an emergency order to re-freeze $75 million held by Kanye West’s Yeezy brand.
The global sportswear brand argued that without the $75 million the company would suffer “irreparable harm.” However, the judge was not buying it. “It is hereby ordered that Adidas’ motion for a TRO is denied,” the court documents read. Before Tuesday, Adidas could have won in a conventional order since they were only denied the emergency motion. According to a new report by Billboard, published today (May 31), Adidas has dropped the $75M lawsuit but there will still be a legal battle with the rapper over the split in Yeezy sales.
This comes after Adidas announced that they will sell the rest of the Yeezy stock and donate portions of the sales to George Floyd’s family’s charity Philonise & Keeta Floyd Institute for Social Change. The other part of the proceeds will be donated to the Anti-Defamation League.
Adidas CEO Bjørn Gulden announced a press release. “After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products. Selling and donating was the preferred option among all organizations and stakeholders we spoke to.”
“We believe this is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”
Adidas cut ties with the rapper in October after he attacked the Jewish community multiple times with his anti-Semitic comments.
“Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” the statement reads. “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.”