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Adidas Reports 2023 Loss, As Kanye Fallout Weighs

The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year.


(COMBO) This combination of pictures created on October 25, 2022 shows Kanye West attending the 2020 Vanity Fair Oscar Party in Beverly Hills on February 10, 2020 and the Logo of German sports equipment maker Adidas on a shop in Munich, southern Germany, on March 10, 2021. (Photos by Jean-Baptiste Lacroix and CHRISTOF STACHE / AFP)

 

German sportswear giant Adidas reported an annual loss for 2023 on Wednesday, still weighed down by the fallout from the end of its tie-up with controversial rapper Kanye West.

The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year.

Sales fell by five per cent to 21.4 billion euros and were hit particularly hard in the United States due to the discontinuation of sales of Yeezy trainers that were designed with West.

 

AFP