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Adidas puts partnership with Kanye West under review
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FRANKFURT (Reuters) – German sporting goods maker Adidas on Thursday said it has put under review its
FRANKFURT (Reuters) – German sporting goods maker Adidas on Thursday said it has put under review its business partnership with rapper and fashion designer Kanye West.
“After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review. We will continue to co-manage the current product during this period,” the company said.
CNBC, which first reported the news, said West had been publicly critical of Adidas and its CEO and told the broadcaster that the German group was copying his ideas. Adidas has been partnering with West since 2013, CNBC said.
“Adidas has always been about creativity, innovation and supporting athletes and artists to achieve their vision. The adidas Yeezy partnership is one of the most successful collaborations in our industry’s history,” Adidas said.
“We also recognize that all successful partnerships are rooted in mutual respect and shared values.”
News about Adidas putting the partnership under review comes less than a month after West’s lawyers sent a letter to Gap Inc notifying the apparel chain he was terminating his partnership with the company.
(Reporting by Christoph Steitz; Editing by Cynthia Osterman)
A partnership is a business arrangement where two or more individuals or entities collaborate to manage and operate a business, sharing profits, losses, and responsibilities.
Innovation refers to the process of creating new ideas, products, or methods that improve efficiency, effectiveness, or value in a business or industry.
A financial community consists of individuals, businesses, and organizations that engage in financial activities, share information, and collaborate on financial services and products.
Retailers are businesses or individuals that sell goods or services directly to consumers, typically in small quantities, as opposed to wholesale distributors.
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