Kanye West & Adidas join hands for one last time?

Adidas is facing mounting losses since they severed ties with Kanye West. However, the German footwear reportedly inked a deal with the rapper to sell his unsold Yeezys.

The German footwear giant severed ties with Ye in October 2022 after his anti-Semitic backlash.

However, after facing staggering losses, the shoe giant decided to reach an agreement with fashion mogul to sell the remaining $500 million worth of Yeezy sneakers in 2023, according to Wealth.

As per the reports, the remodeled contract will only cater to existing inventory sales of the 45-year-old famous shoe line and will not include his clothing line or new designs.

"The numbers speak for themselves. We are currently not performing as we should," said Adidas CEO Bjørn Gulden.

Meanwhile, the S&P Global Ratings downgraded its long- and short-term debt ratings on the sneaker brand, according to MarketWatch.

Earlier in 2021, the company's total sales from the Yeezy deal, including Im sneakers, clothing, and sporting goods, was about 5%. The company also pinned hopes on Yeezy to shoot their sales up 7% in 2022.

However, after the fashion mogul and Adidas divorced, the stock plummeted sharply.

Previously, the multi-billionaire company released a profit warning saying that 2023's sales would take a hit due to the split. The hit is reportedly estimated at $1.3 billion, a decline of about 7% to 9%.