Apr 17, 2024
Adidas on front foot after exiting Kanye West deal
Adidas has emerged from its bruising tie-in with rapper Kanye West and says it expects to make profits of €700m in 2024.In February the German sportswear giant said it planned to sell its remaining Yeezy trainers from its partnership with West for at least cost price. Tuesday's upbeat comments from Adidas come a month after the company posted its first losses in 30 years. The company said its quarterly operating profit had reached €336m, up from €60m a year earlier when it was hit by the break-up with West.Adidas further said it had sold another €150m worth of Yeezy products in the quarter, at a profit of around €50m. It said the remainder of its Yeezy stock would probably be sold for about €200m later this year, but without any further profit. Adidas cut ties with West in November 2022 over antisemitic comments he made on social media, but the company still has a diverse fan base with rich and powerful clients. Adidas has been the maker of shirts for Argentina's national football team for decades.
Related companies
Make a complaint about Adidas by viewing their customer service contacts.
