After splitting with KanyeWest, Adidas has lowered its earnings forecast for the year.
Kanye West announces the future of their partnership: adidas + KANYE WEST at Milk Studios on June 28, 2016 in Hollywood, California.
Adidas owns the rights to product designs except for the Yeezy name and is developing plans for what to do with existing inventory. “In other words, it does not include any further central cost allocation for sourcing, digital, retail, or any other services that this part of our business has been benefitting from and that were essential for its success,” Ohlmeyer said.
The Yeezy brand accounted for up to 15% of Adidas’ net income, Morningstar analyst David Swartz said in a note Oct. 26.
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