Topline
Kanye West told Bloomberg on Monday he plans to exit his corporate partnership contracts with shoemaker Adidas and clothing retailer Gap once they expire, after attacking the companies in an Instagram rant last week for allegedly copying his designs.
Kanye West is seen leaving his hotel on March 3, 2022 in Miami, Florida.
Key Facts
West, who has legally changed his name to Ye, signed a 10 year partnership deal with Gap in 2020 to make the Yeezy Gap line, and is in a contract with Adidas AG until 2026 to make his Yeezy brand sneakers.
West said it’s time for him “to go at it alone” and “to make the new industry. No more companies standing in between me and the audience.”
In addition to his e-commerce brand YeezySupply.com, West said he intends to open physical Donda campuses—named after his late mother—which will be home to schools, housing, retail products and farms.
The apparel sold at these campuses will be designed by his Yeezy staff.
West said he hopes to negotiate a 20% royalty on all the shoes he’s designed with Adidas for his four children—Forbes reported in 2020 he receives a roughly 11% royalty.
West said “no one should be held in that position where people can steal from them and say we’re just paying you to shut up.”
Crucial Quote
“They my new baby mamas. I guess we’re just going to have to co-parent those 350s,” West said, of having to work with Gap and Adidas despite his conflicts with them.
Forbes Valuation
“They my new baby mamas. I guess we’re just going to have to co-parent those 350s,” West said, of having to work with Gap and Adidas despite his conflicts with them.
Key Background
West, who first became a billionaire in 2020, owns 100% of Yeezy, though Adidas produces and distributes the shoes. He launched the shoe brand in 2009 with Nike, before joining Adidas in 2013. West, who has always been known for his unpredictable social media outbursts, has with increasing frequency this year been posting wild rants on Instagram and then subsequently deleting them. West has previously accused Adidas of copying the designs of his Yeezy slides, and continued his feud last week by posting pictures of some company executives. He also posted pictures of JP Morgan Chase board members. The rapper also accused Gap of copying the designs from his Yeezy Gap Engineered by Balenciaga line.
Further Reading
Kanye West Won’t Face Charges For Allegedly Punching Fan (Forbes)
Kanye West Reportedly Sued For Over $400K In Unpaid Clothing Rental Fees (Forbes)
Source: https://www.forbes.com/sites/marisadellatto/2022/09/12/kanye-west-leaving-adidas-and-gap-partnerships-once-contracts-expire-he-says/