
Adidas sales pressured post Kanye split
Adidas is still experiencing sales pressure following their terminated partnership with rapper Ye, formerly known as Kanye West. The company reported a 5% decrease in revenue to €21.5 billion in 2023 compared to the previous year, with sales remaining level when adjusted for currency fluctuations. The annual report reveals this is Adidas’ first loss in over 30 years, with a deficit of €75 million. The breakdown of their collaboration with Ye came in October 2022 after his controversial comments, resulting in Adidas halting Yeezy product production immediately. The discontinuation resulted in a revenue drop of €500 million in 2023, while Yeezy inventory sales positively impacted revenue by around €750 million. In May, Adidas announced a charity donation plan for profits from some Yeezy stock sales. Bjørn Gulden, formerly of Puma, took over as CEO from Kasper Rørsted in November 2022.