The bad financial news comes after Adidas ended its lucrative partnership with Kanye West after the rapper and fashion mogul embarked on an anti-semitic media tour.
with West following his anti-semitic rants last year. The German company said at the time it doesn’t tolerate “antisemitism or any other sort of hate speech.”
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect,” Adidas said in a statement. The termination helped push Adidas into the red for the fourth quarter. The company reported Wednesday a net loss of 513 million euros , compared to 213 billion euros in profit for the same quarter a year ago.CEO Bjorn Gulden said 2023 would be “a transition year” and expects the company to return to profitability in 2024.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Adidas to slash dividend after Kanye West splitAdidas will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year.
Leer más »
Adidas to slash dividend after Kanye West splitAdidas is slashing its dividend as the company deals with fallout from ending its partnership with Kanye West.
Leer más »
Adidas boss eyes turnaround after Kanye West splitAdidas will slash its 2022 dividend, the sporstwear maker said on Wednesday, after warning a split with the artist formerly known as Kanye West could push it to its first annual loss in three decades this year.
Leer más »
Adidas, hurt by unsold Kanye West Yeezy sneakers, posts $540M lossMore losses could be ahead as the company forecast a 500 million-euro hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock.
Leer más »
Adidas earnings tank after Kanye West splitAdidas is still investigating former employees’ allegations that Ye created a toxic work environment and that the sportswear company knew about his problematic behavior and failed to protect workers.
Leer más »
Adidas, burnt by Kanye West split, seeks a new focusAdidas , burnt by the end of its tie-up with the artist formerly known as Kanye West, needs a new focus but should think more tactically about fresh celebrity partnerships and not count so much on one personality, industry experts said.
Leer más »