Adidas is expected to lose billions after it decided to sever ties with Kanye West.
According to a TMZ report published on Friday, February 10, the sneaker company has attempted to sustain itself by renaming its Ye designs and selling them without the Yeezy name.
Unfortunately, their efforts did not go as they had hoped. In a new financial report, adidas confirmed the potential for a whopping $1.3 billion in lost sales by the end of 2023. In fact, they could lose another $534 million if they stopped manufacturing Yeezy-based products entirely.
“The numbers speak for themselves,” said CEO Björn Golden. “Right now we’re not doing what we should be doing.” It’s been four months since Adidas ended its multi-billion dollar partnership with Ye.
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Adidas said its hateful rhetoric towards Jewish people “violates the company’s values of diversity, inclusion, mutual respect and fairness”.
It was one of the latest companies to cut ties with the troubled rapper after he made anti-Semitic rants on social media and during interviews with various right-wing outlets. “Adidas does not condone anti-Semitism or any other form of hate,” the company said in a statement.
“Ye’s recent comments and actions are unacceptable, hateful and dangerous and violate the company’s values of diversity, inclusion, mutual respect, and fairness.”
less than $246 million Since then, Yes’s other high-profile business partners such as Balenciaga, JPMorgan Chase, Gap, and others have fallen apart and he also lost his billionaire status.
