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Adidas is saying it is in a severe monetary pinch … and it is blaming the bind instantly on its choice to separate from Kanye West.
The athletic model gave the worrisome replace Thursday, saying it is anticipated to lose a whopping $1.3 billion in gross sales in 2023 — and the corporate says it is as a result of it is unable to dump all of the Yeezy footwear and garments it nonetheless owns.
As we reported, Adidas reduce ties with Ye final yr after his antisemitic feedback and actions … however the model introduced quickly after dropping him that it will proceed to promote Kanye’s designs, simply with out the Yeezy identify.
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Adidas Ends Kanye West, Yeezy Partnership
Primarily based on the monetary report, it would not seem to be that is working.
The assertion says it might lose one other $534 mil if it pulls the plug on repurposing the remaining Yeezy stash — CEO Bjørn Gulden provides, “The numbers communicate for themselves. We’re presently not performing the best way we should always.” He says 2023 is a yr of transition for the model.
10/25/22
TMZ.com
FYI — we reported there is a clause in Ye’s contract with Adidas that claims he might get a diminished charge if his designs get bought with a rebrand … however we had been informed the model merely is not slicing checks for him.
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