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The accusation: The group had known about the rapper’s problematic behavior for years, but only ended the partnership last October — not taking enough precautions to limit financial losses. Various media reported about it.
“We firmly reject these baseless claims and will take all necessary steps to vigorously defend against them,” Adidas said on request on Tuesday.
The lawsuit was filed Friday in a district court in the US state of Oregon. In addition to the Herzogenaurach-based company, it is also targeting former CEO Kasper Rorsted and CFO Harm Ohlmeyer. It is designed as a potential class action lawsuit for other investors to join. An investment fund from the US state of Virginia is named as the chief prosecutor.
Adidas ended the collaboration with Kanye West in October 2022 after the rapper made repeated anti-Semitic statements. The “Yeezy” products that resulted from the collaboration were previously a lucrative source of income for the group. Due to the failure of the products alone, the management expects a loss of turnover of 1.2 billion euros for the current year.
How things will continue with the products that have already been made was still open at the end of the day. The possibilities varied from various sales opportunities, where the proceeds could be donated, to the destruction of the goods.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
