Company stuck with $1.7 billion worth of unsold Yeezy shoes after cutting ties with the rapper over his offensive comments
The company is stuck with 1.2 billion euros worth of unsold Yeezy shoes after cutting ties in October with the rapper now known as Ye over his antisemitic and other offensive comments on social media and in interviews.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Losing the Yeezy brand is “of course hurting us,” Gulden said in a statement. The breakup will reduce earnings by 500 million euros this year if Adidas decides not to sell its remaining Yeezy stock, the Herzogenaurach-based company said.Article content Gulden said the results for Adidas were “a little better than we had expected” as the company seeks to restart growth and move beyond the breakup with Ye. He called 2023 “a year of transition” on the way to “a better ’24 and a good ’25.”
The lawsuit — representing people who bought Adidas securities between May 3, 2018, and February 21, 2023 — pointed to 2018 comments where Ye suggested slavery was a “choice” and reports of Ye making antisemitic statements in front of Adidas staff.
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