Adidas has said that it is planning to continue using the Yeezy designs even after the end of its collaboration with Kanye West. This was announced by Adidas chief financial officer Harm Ohlmeyer on Wednesday morning at a conference call on the results of the company's third quarter.
According to Ohlmeyer, the German sports goods manufacturer is the sole owner of all design rights to existing products as well as to previous and new colour variants within the framework of the partnership. An exception to this is the name 'Yeezy', reported specialist magazine Business of Fashion.
Adidas plans to exercise its rights as early as next year. In addition, 300 million euros are to be saved in 2023, which would have gone to West and Yeezy as part of the partnership in the form of license and marketing payments.
When announcing the results for the third quarter , Adidas again lowered its guidance for the full year due to the discontinuation of Yeezy products in the fourth quarter. When the company ended the cooperation at the end of October after West's anti-Semitic statements , it expected a negative impact of up to 250 million euros on profits.
This post was updated from the Adidas webcast on November 9, 2022 at 5:40 pm.
This article originally appeared on FashionUnited.DE. Translation and edit by: Rachel Douglass.