Kanye West: Adidas Faces Projected $1.3 Billion Loss After Canceling Artist
After terminating its working relationship with Kanye West in October on charges of spreading anti-semitism, Adidas has seen a huge drop in revenue.
According to People, the three-stripe company released a press release on Thursday (Feb. 9), with CEO Bjørn Gulden saying there has been a “significant adverse impact from not selling the existing stock” of their Yeezy supply.
"The numbers speak for themselves,” Gulden stated in the release. “We are currently not performing the way we should."
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Despite loss in revenue, Gulden is optimistic about 2023 and beyond, the CEO said.
Adidas cut ties with the rapper in October, following a series of antisemitic comments. In November, during an earnings call, the company announced that they are the sole owner of all design rights" to the Yeezy brand and would be repurposing the owned designs in the years to come.
"Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness," the company said at the time.
