Adidas has suffered a 400 million euro ($441 million) loss in sales due to its breakup with rapper Ye and his Yeezy shoe brand. CEO Bjorn Gulden said the company is “getting closer and closer to making a decision” on what to do with the 1.2 billion euros ($1.3 billion) worth of unsold Yeezy shoes, and that the “options are narrowing.” He added that Adidas is “working hard to make sure that we can come up with a solution that is beneficial for all parties involved.”
Posts tagged as “Yeezy”
Adidas has been hit with a lawsuit from investors alleging the sportswear giant failed to disclose the risks of its partnership with rapper Ye, formerly known as Kanye West. The lawsuit claims that Adidas was aware of the risks of working with Ye as early as 2018, but failed to disclose them to shareholders. In response to the lawsuit, Adidas has rejected the claims and will take measures to defend itself. The lawsuit seeks unspecified damages and a jury trial.