Kayne West row hurts Adidas as it heads for £600m loss
Adidas says the end of partnership with Kayne West ‘hurts’ the company as it heads for an annual loss of more than £600m
Adidas said the end of its partnership with Kayne West “hurts” as it heads for annual losses of more than £600 million.
The sportswear company cut ties with the rapper – known as Ye – in October after he made anti-Semitic remarks.
As a result, Adidas had £1 billion in unsold sneakers and other gear that West had designed under the Yeezy brand.
Yeezy does it: Rapper Kanye West pictured with ex-wife Kim Kardashian
The loss of the profitable line increased sales in the first quarter by £350 million.
It posted a loss of £20 million, after a profit of £271 million in the same period last year.
Chief executive Bjorn Gulden said the loss of Yeezy “naturally hurts us.”
Adidas expects an annual loss of £615 million.
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