After dropping Kanye West, Adidas anticipates a $1.3 billion loss.
On Thursday, the business acknowledged its financial challenges (February 9). After severing relations with Kanye West due to his antisemitism, Adidas acknowledged that business is struggling.
Bjrn Gulden, the CEO of the firm, stated in a news release that “the numbers speak for themselves.” “Right now, we are not operating at our best. 2023 will be a year of transformation as we lay the groundwork for our firm to once again be expanding and prosperous.
“Adidas has all the necessary components to be successful,” Gulden continued. Although we need to put the parts back together, I am certain that with time, we can restore Adidas’ glory. Yet more time is required.
In October 2022, Adidas dropped Kanye West, ending their nine-year collaboration. In reaction to Ye’s harsh statements, the corporation proclaimed that it does not accept antisemitism or hate speech.
Adidas stated, “Ye’s recent comments and actions have been unacceptable, hateful, and dangerous.” “And they go against the firm’s ideals of inclusivity, diversity, respect, and justice. Following careful consideration, the business has decided to immediately sever its relationship with Ye, halt the manufacture of goods bearing the Yeezy brand, and suspend all payments to Ye and his businesses.
Adidas still has the rights to the Yeezy goods’ designs. Ye preserved the Yeezy brand’s trademark.