We don’t like drama, but when it’s about Ye, sign us up because that stuff is always juicy. But this time, it’s a little bit different, especially since Kanye isn’t an active participant. This time, it’s a legal drama that involves… no, not Nike again. Actually, it’s all about the brand with the three stripes this time. Investors are suing Adidas for very interesting reasons, and well, Adidas is responding to the allegations. So, shall we take a look at what’s going down in the industry?
A Fast Recap of the Adidas Ye Chaos
Let’s start off by saying that this lawsuit seems like a matter of principle in addition to financial losses. If you’re in the loop of the sneaker industry, then you’re probably aware of the messiest partnership breakup ever, the Adidas Kanye breakup. And while many thought that this would be the end of all the tea, it wasn’t. It was just the beginning of sad news for the three stripes.
Starting off with serious losses, it extended to Adidas not knowing what to do with all the remaining Yeezys. So in all honesty, it was just a roller coaster of sneakers, drama, and money. It got so bad that the industry started speculating that Adidas could bring Ye back to sell the kicks. And you know, that posed the moral question of whether people would forgive Ye or not. So really, it’s just a chaotic time to be in. But nobody’s as mad as Adidas investors for the following reasons.
Investors Are Not Kidding…
2023 certainly left too little for the imagination when it comes to controversial news. And the latest is the fact that investors filed a lawsuit against Adidas on Friday, April 28, 2023. You’d think that they’re suing because Adidas broke up with Ye, but no… It goes much deeper than this. Apparently, investors are suing Adidas on the grounds that the brand was already aware of Kanye’s behavior. Allow us to explain.
The lawsuit states that Adidas executives knew about Ye’s offensive behavior for years and did nothing about it. In addition to that, the investors are blaming Adidas for not having damage control over a risky partner like Ye. The lawsuit also mentioned an exclusive article by the Wall Street Journal. That article mentioned the fact that Adidas execs were aware of the risk of employees having direct contact with Ye since 2018. It also discusses all the complaints that employees filed against the rapper.
Adidas Responds to the Lawsuit!
Obviously, the brand with the three stripes won’t sit and take the beating silently. In fact, it responded to the lawsuit by rejecting everything on Monday. The brand’s answer was: “We outright reject these unfounded claims and will take all necessary measures to vigorously defend ourselves against them”. So, it seems like the legal drama is gonna go on for a while. And well, we’ve got a lot of time on our hands, so let’s wait and see where this is gonna go! In the meantime, keep your eye on our blog for the latest sneaker and industry news.