Kanye West has reportedly cost Adidas a vast fortune in aftereffects.
CEO Bjørn Gulden made this shocking admission in response to the aftermath of West’s anti-Semitic statements.
He warns West’s comments have brought on a major financial downside.
“The numbers speak for themselves,” he even explained in a press release on Thursday.
According to People magazine Mr Gulden also added, “We are currently not performing the way we should.”
For those unversed, Adidas announced itself the “sole owner of all design rights” back in November, 2022 and promised to look into ‘repurposing’ the designs once 2023 rolled around.
Failure to do so could result in the brand losing almost $534 million in profit, with one-off costs soaring to nearly $213 million, merely to ‘assess’ everything.
“If all these effects were to materialize,” the company could incur a total loss of $750 million.
“ 2023 will be a year of transition to set the base to again be a growing and profitable company. We will put full focus on the consumer, our athletes, our retail partners and our Adidas employees.”
This comes shortly after West’s antisemitism was called out. At the time the company released a statement that read, “2023 will be a year of transition to set the base to again be a growing and profitable company. We will put full focus on the consumer, our athletes, our retail partners and our Adidas employees.
[VIA]
