Yeezy fallout could push Adidas into its first annual loss in 31 years
For the first time in 31 years Adidas is facing an operating loss.
On Wednesday, the shoe maker says it will lose about $736 million this year because of a potential $527 million hit related to unsold Yeezy stock, and the cost of a strategic review.
Shares for the German company fell 2.2%t after it published its 2022 results and its outlook for 2023.
You may remember, in October, the company broke off its lucrative nine-year partnership with Yeezy designer, Ye, the rapper formerly known as Kanye West.
Adidas said last month that its annual revenue could plunge by $1.27 billion this year as a direct result of the split, which came after Ye made a series of anti-Semitic remarks.
