May 6, 2023
Adidas Split With Kanye West Cost Company $661 Million
[ad_1] The losses continue to mount for Adidas as a result of their terminated partnership with Kanye West.On Friday (May 5), the company posted its first-quarter fiscal report, which reveals the shoe giant had $661 million in lost sales following its split with the controversial Yeezy creator, resulting in a total $565 million net loss. Adidas is looking at a potential operating loss of $771 million in 2023, due largely in part to the $551 million hit the Three Strips could take if it doesn't off its current Yeezy inventory."The adverse Yeezy impact and negative currency developments weighed on the gross margin development," Adidas CEO Bjørn Gulden said in the report. "This...