Feb 10, 2023
Kanye West: Adidas warns of losses from Yeezy fallout
Adidas has warned over the impact on its profits after it ended the hugely successful Yeezy partnership with rapper and fashion designer Kanye West. Adidas said it was still deciding whether to scrap its remaining Yeezy stock but would take a €500m hit to its profits if it is all written off. Adidas is expected to return to profit in 2024, he added. While the decision to end its partnership with Yeezy had a major negative impact on Adidas, it has also faced other challenges over the last year. Mr Gulden joined Adidas at the start of this year from rival Puma after his predecessor was ousted in the wake of a series of profit warnings.
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