Adidas CEO promises turnaround after costly split with Kanye West
Adidas will slash its 2022 dividend, the sportswear maker said on Wednesday, warning a split with rapper and fashion designer Ye could push it to its first annual loss in three decades this year.
The company needs to refocus on its core business and faces a “transition” year before returning to profit in 2024, and will return to its sports-based roots, Gulden said. Adidas shares were down 1.4 per cent by 1120 GMT. They have, however outperformed rivals Puma and NikeThe company cut ties with Ye in October following a series of antisemitic comments he made on social media and in interviews which also prompted Twitter and Instagram to restrict his accounts on their platforms.
One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. Overall, Gulden said Adidas needs to reduce inventory levels and do less discounting. Inventories came in at just under €6-billion at the end of December, up 49 per cent from the previous year, including €400-million of Yeezy products.
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