Adidas may sell its Yeezy sneaker inventory and donate the proceeds, as it grapples with the fallout from ending its Kanye West partnership
HERZOGENAURACH, Germany— Adidas AG is facing a slump in China and a $6 billion mountain of unsold inventory, adding to its challenges after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West.
The German sportswear giant’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend by almost 80%.
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