Adidas is saying it is in a critical monetary pinch … and it is blaming the bind straight on its determination 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 sneakers and garments it nonetheless owns.
As we reported, Adidas minimize ties with Ye final yr after his antisemitic feedback and actions … however the model introduced quickly after dropping him that it might proceed to promote Kanye’s designs, simply with out the Yeezy title.
Getty
Adidas Ends Kanye West, Yeezy Partnership
Based mostly on the monetary report, it does 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 converse for themselves. We’re at present not performing the way in which 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 decreased charge if his designs get bought with a rebrand … however we have been instructed the model merely is not chopping checks for him.
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