Adidas is estimated to lose $1.3 billion when parting with Kanye West

Adidas shares fell 11.5% as it confirmed it would suffer heavy losses if it stopped making products for Kanye West’s Yeezy brand.

Adidas is estimated to lose $1.3 billion when parting with Kanye West

Rapper Ye West, formerly known as Kanye West, once revealed that his net worth dropped by a billion dollars after ending his partnership with Adidas. Now, the world sports fashion giant has also confirmed that he will be equally affected, even though he previously declared that he could not continue on the same path as the male rapper.

Before Ye West’s scandal broke out, the two had a very successful collaboration with the Yeezy brand; Adidas is in charge of production and distribution, while Ye West is the face and owns the copyright of the brand. However, in October 2022, Ye West made statements that discriminated against Jewish culture. As a result, he was abandoned by a number of fashion brands, including Gap, Balenciaga, and Adidas.

In its financial report Friday, February 10 (local time), Adidas said it estimated total revenue would drop by $1.3 billion when it stops distributing Yeezy products. Net profit will decrease by US$ 534 million.

The main problem lies in the fact that the company has not found a way to deal with Yeezy inventory. To date, the company has pre-produced a large number of items for 2023. However, because of problems with Ye West, Adidas has stopped selling the Yeezy line. Manufacturing costs, product storage, and even cancellations all contribute to the $1.3 billion estimate above.

“The numbers are enough to tell the problem,” said Adidas CEO Bjørn Gulden. “2023 will be a transition year for us, to create a premise for future development.”

Immediately, the share price of Adidas fell 11.5% on the same day. Since the beginning of 2023 alone, Adidas stock has lost about 45% of its total value.

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