February 10, 2023
Adidas Expected to Lose Over $1B in Sales by Dropping Kanye West
[ad_1] Dropping Kanye West could prove to be way more costly than Adidas initially projected.On Thursday (Feb. 9), Adidas released a fiscal projection statement for 2023, which reveals by not selling existing Yeezy stock, the company is expected to take a $1.3 billion hit in the next several months. Their operating profit could also be sliced by as much as $534 million.Adidas terminated its partnership with Kanye West last October, following a string of anti-Semitic comments from the controversial rapper. The split initially cost Adidas more than $250 million in profit and $500 million in lost revenue, according to the company, who claimed they would save $300 million in marketing fees and royalty payments to...