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Adidas AG (OTC:ADDYY) (OTC:ADDDF) is reportedly planning to sell Yeezy sneakers minus branding associated with its former partner Kanye West, now known as Ye.
What Happened: The company is exploring options to sell the sneakers in 2023. The German sportswear company is expected to save EUR 300 million ($302 million) in royalty payments and marketing fees by going solo, according to CFO Harm Ohlmeyer, reported Bloomberg.
"Let me be clear, we own all the IP, we own all the designs, we own all the versions and new colorways," said Ohlmeyer.
However, the CFO said that the company does not "own the Yeezy name," according to Bloomberg.
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Why It Matters: Analysts have doubts if Adidas can obtain a similar price to what it was charging when the shoes were sold with the Yeezy branding, noted Bloomberg.
In late October, Adidas severed its ties with Ye and attributed the decision to the rapper's antisemitic speech.
At the time, Adidas said the development would have a short-term negative impact of EUR 250 million ($247 million) on its net income in 2022.
Read Next: Kanye Gets Booted Out Of Skechers LA Office For ‘Unauthorized Visit’ After Adidas Rebuff
