The settlement concludes a lengthy dispute that began when Adidas terminated its partnership with Ye in 2022 following anti-Semitic remarks made by the artist.
The agreement, which does not involve any financial exchange, was confirmed by Reuters. It reported that Adidas CEO Bjorn Gulden acknowledged the details during a recent conference call.
"There isn't any more open issues, and there is no... money going either way, and we both move on," said Gulden, whilst declining to give further details of the deal.
Gulden continued: "There were tensions on many issues, and... when you put the claims on the right side and you put the claims on the left side, both parties said we don't need to fight anymore and withdrew all the claims."
Adidas had not responded to Just Style's request for comment at the time of going to press.
But, the partnership ended in October 2022 amid anti-Semitic comments made by West.
Adidas spent a long time reeling from the financial and reputational impact of the collapsed partnership and told investors in 2023 that it expected to have a “turbulent” year.
Adidas is now focused on maintaining the momentum of what experts have deemed a remarkable recovery in Q3 FY2024. The German sports brand registered a net sales rise of 7.3% on 29 October aided by the renewed popularity of its lifestyle footwear.
GlobalData apparel analyst Pippa Stephens noted that Adidas‘ Q3 results were up against weak comparatives. However, she said the results were still in stark contrast to its competitor Nike‘s 10.4% decline in the quarter ending 31 August.
She explained this underscored Adidas’ superior innovation and fashion credentials.
