Adidas reports 2023 loss on Kanye fallout

Adidas on Wednesday (Mar 11) reported a loss in 2023 due to the fallout from the end of its tie-up with Kanye West, but the company insisted it was starting to turn its fortunes around.

Adidas on Wednesday (Mar 11) reported a loss in 2023 due to the fallout from the end of its tie-up with Kanye West, but the company insisted it was starting to turn its fortunes around.

In late 2022, the German sportswear giant ended its contract with the US rapper, now known formally as Ye, after he triggered an outcry with a series of anti-Semitic social media posts.

Adidas and West had designed the blockbuster line of Yeezy trainers together, and the collapse of the partnership robbed the company of a vital revenue stream, and left it saddled with a massive stock of unsold footwear.

Adidas registered a loss of €75 million (US$82 million) in 2023 - its first for many years - following a profit of €612 million the previous year.

But CEO Bjorn Gulden, who was brought in to lead the company from rival outfitter Puma shortly after the West tie-up fell apart, struck an upbeat tone.