Wednesday, October 4, 2023

Adidas suffers $1.27B loss after cutting ties with Kanye West

Adidas’ decision to sever ties with Kanye West in October 2022 after his string of anti-Semitic rants has left the German sportswear maker reeling.

The company is bracing for a financial turmoil that it has not faced in 30 years, with a projected $1.27 billion revenue slump this year. As per CNN, the Chief Financial Officer Harm Ohlmeyer called it a “disappointing year” for the company, with the operating profit declining by 66% year-over-year to $705 million.

However, reseller platforms such as Impossible Kicks are experiencing a surge in demand for Yeezy sneakers, which has increased by 30% since last October-November.

Despite being at loggerheads about their unsold Yeezy pile, Adidas hopes to turn losses into profits in the future and set the base for a growing and profitable company.

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