Adidas Reportedly Set To Lose $1.3 Billion After Cutting Ties With Kanye West. Adidas could be feeling regret after the company announced it could lose around $1.3 Billion after cutting ties with controversial American rapper Kanye West legally known as Ye, TMZ.COM reported the news from Adidas.
Photo: TMZ.COM
According to TMZ.COM, on Thursday, Adidas revealed details about the financial impacts of the loss after splitting with Kanye West on this Year’s sales, revealing that the company is set to lose around $1.3 billion in sales in 2023.
Adidas pinpoints the loss to the cutting of ties with Ye known widely as Kanye West because it is unable to sell the Yeezy shoes and clothes in its custody.
After Adidas dropped Ye last year, the company announced that it still owns the Yeezy sneakers and clothes, therefore, it was going to sell off without the brand name Yeezy, but it appears things aren’t going as planned after the company announced low patronage.
CEO Bjørn Gulden said on Thursday as reported by TMZ.COM “The numbers speak for themselves. We are currently not performing the way we should.”
The situation, according to Adidas, could lead to more losses this year.
Adidas and Ye cut ties last year after his numerous comments on social media notably his attacks and rants on Jews generally noted as antisemitic utterances.
But, based on financial reports from Adidas, it seems things aren’t working.
