Adidas shares slumped after the German shoemaker warned of an operating loss of as much as €700 million ($752 million) in 2023 from the fallout of its dispute with rapper and former partner Ye
started at Adidas in January after nearly a decade running cross-town rival Puma, where he led a turnaround that he also began by resetting profit and sales growth expectations. His main focus at Adidas will be reinvigorating the brand’s lackluster pipeline of sneakers and apparel and winning back customers in the US, Europe and China. He will also have to figure out if Adidas can sell or repurpose Yeezy designs to customers without the brand name.
The sportswear group terminated its lucrative design partnership with Ye, formerly known as Kanye West, in late October after he made a series of antisemitic and racist remarks. Adidas had become heavily dependent on the Yeezy line, which it dubbed one of the most successful in the industry’s history, and it took weeks of deliberations inside the company before it finally terminated the partnership. Other retailers such as Gap Inc. moved much quicker to sever ties.
Adidas is also still facing challenges in China where demand for its shoes and clothing has fallen amid a consumer boycott and as a result of Covid restrictions.
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