The German sports equipment manufacturer posted a 254 million euro drop in its net profit in 2022 and forecasts an operating loss of 700 million euros in 2023 after the end of its collaboration with American rapper Kanye West.
German sporting goods maker Adidas suffered a sharp drop in net profit in 2022, bearing the brunt of the end of its collaboration with Kanye West, the group said on Thursday.
Adidas’ net profit fell to 254 million euros, compared to 1.49 billion euros generated in 2021. The end of the collaboration with the American rapper Kanye West after the latter’s anti-Semitic statements should end in 2023 with an operating loss of 700 million euros, Adidas said.
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Source: BFM TV
