Adidas saw operating earnings dwindle by $441 million in the first three months of the year after its breakup with Ye and his Yeezy shoe brand.
Adidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’sand his popular Yeezy shoe brand cost it $441 million in lost sales.
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. 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 Feb. 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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