Adidas ended its cooperation with Ye at the end of October last year after he made anti-Semitic statements. She was then left saddled with a large inventory of Yeezy sneakers. Ultimately, Adidas decided to sell parts of the collection, which raised 750 million euros this year. A portion of the proceeds goes to charity.
CEO Bjorn Gulden said Wednesday that it’s not yet clear what will happen to the rest of the collection, but no more Yeezy products will go on sale this year. The potential depreciation of the group is 300 million euros.
Investors have increasingly begun to look at how Adidas is performing separately from Yeezy, as a sign of how successful Golden has been in its efforts to revitalize Adidas. Turnover fell by more than 6 percent in the third quarter to 6 billion euros, although without Yeezy and without exchange rate effects, there was a 2 percent increase, mainly due to sales of popular classic sneakers such as the Samba and Gazelle. Net profit fell by a fifth to 280 million euros.
Adidas reiterates its forecast of an operating loss of 100 million euros this year. This would be Adidas’ first loss in at least thirty years. “We know our current performance is not good enough, but we said from the beginning that we needed time to get the brand and the company back where they belong: at the top,” says CEO Golden.
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