adidas Shareholders Sue adidas Over Yeezy Fallout
The fallout between and has been in the headlines since adidas ended their partnership with Ye and the line in October 2022. Now according to , adidas shareholders filed a class-action lawsuit against the Three Stripes, alleging that the higher-ups at adidas ignored Ye’s antisemitism and ‘routinely ignored’ his behaviour which affected stock prices.
Filed on April 28 2023, in the U.S. District Court for the District of Oregon, the lawsuit accuses adidas senior executives, including adidas CFO Harm Ohlmeyer and former CEO Kasper Rørsted, of enabling Ye’s behaviour and they ‘failed to take meaningful precautionary measures to limit negative financial exposure’ if the collaborative partnership ended. The lawsuit includes anyone who’s bought shares of adidas from May 3 2018, when Ye stated that slavery was a ‘choice’, to 2023.
In a statement to CNN, adidas stated they ‘outright reject these unfounded claims and will take all necessary measures to vigorously defend ourselves against them’.
With adidas expected to lose $1.3 billion in revenue in 2023 and to sell the remaining $500 million worth of Yeezy apparel and shoes, we’re curious to know if this lawsuit will affect the rumoured partnership. Keep it locked to Sneaker Freaker for any updates.