The bad financial news comes after Adidas ended its lucrative partnership with Kanye West after the rapper and fashion mogul embarked on an anti-semitic media tour.
with West following his anti-semitic rants last year. The German company said at the time it doesn’t tolerate “antisemitism or any other sort of hate speech.”
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect,” Adidas said in a statement. The termination helped push Adidas into the red for the fourth quarter. The company reported Wednesday a net loss of 513 million euros , compared to 213 billion euros in profit for the same quarter a year ago.CEO Bjorn Gulden said 2023 would be “a transition year” and expects the company to return to profitability in 2024.
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