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Collapse of Adidas’ Kanye West Partnership Contributed to a Net Loss for the Company in 2023
Adidas' Kanye West fallout contributed to a 2023 sales decline for the sneaker maker, which sold around 750 million euros in Yeezy shoes last year.
LONDON (AP) — Adidas said Wednesday that it’s donated or is planning to give away more than $150 million to groups fighting antisemitism and other forms of hate from the sales of Yeezy shoes last year after it severed ties with Ye, the rapper formerly known as Kanye West. Adidas decided to sell some of the remaining shoes in batches, with two releases last year and another that launched late last month, and donate a portion of the proceeds to anti-hate groups. Adidas expects to almost double operating profit to about 500 million euros this year despite “macroeconomic challenges and geopolitical tensions.” It plans to further scale up popular shoe lines like Samba that are seeing “extraordinary demand,” launch new ones and get a boost from major sports events like the Paris Olympics this summer.
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