Adidas Reports 2023 Loss, As Kanye Fallout Weighs

German sportswear giant Adidas reported an annual loss for 2023 on Wednesday, still weighed down by the fallout from the end of its tie-up with controversial rapper Kanye West.

The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year.

Sales fell by five per cent to 21.4 billion euros and were hit particularly hard in the United States due to the discontinuation of sales of Yeezy trainers that were designed with West.

 

AFP