Adidas saw operating earnings dwindle in the first three months of the year as the company's breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it $441 million in lost sales.
It's been nearly seven months since Adidas split with the rapper formerly known as Kanye West, and boxes of his popular Yeezy shoes are still piled up in warehouses.
But with “so many interested parties” involved in the discussions, no decision had yet been reached, he said. He has previously said other options have drawbacks: selling the sneakers would mean paying royalties to Ye, restitching them to remove the brand identification would be dishonest, and giving them away to people in need could lead to resale because of their high market value.
Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago., was down to 60 million euros from 437 million euros a year earlier.
The lawsuit — representing people who bought Adidas securities between May 3, 2018, and February 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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