The BBC reports:
Adidas has warned of a potential major impact on its profits after ending its partnership with rapper and fashion designer Kanye West last November. The firm’s new boss said it could lose hundreds of millions of dollars this year if it decides not to sell its stock of Yeezy sneakers.
The sportswear giant cut ties with West, known as Ye, after he posted anti-Semitic comments on social media. The announcement marks the company’s fourth profit warning since July.
“The numbers speak for themselves. We are currently not performing the way we should,” Adidas’ chief executive Bjørn Gulden, said in a statement. Adidas said it was still deciding whether to scrap its remaining Yeezy stock and would take a €500m (£443m) hit to its profits if it is all written off.
Read the full article.
Adidas warned it could swing to a loss in 2023 if it fails to sell its inventory of Yeezy shoes, following the termination of its partnership with rapper Kanye West https://t.co/hyNzZh3DMO
— The Wall Street Journal (@WSJ) February 9, 2023