The rapper formerly known as Kanye West told the world last year that he lost $1 billion after severing a partnership with Adidas. Now it turns out Adidas stands to lose even more.
The German sportswear brand expects to lose $1.3 billion in sales this year because Yeezy clothes and shoes will not be available, the company said Thursday. A lack of Yeezy products will also reduce operating profit by $534 million, with the company projected to break even this year, Adidas said.
“The numbers speak for themselves. We are currently not performing the way we should,” CEO Bjørn Gulden said in a statement. “2023 will be a year of transition to set the base to again be a growing and profitable company.”
Courtesy CBS News