Adidas suffered huge loss for the first time in many years, breaking the deal with Kanye West was costly

Adidas reported that it has suffered a loss of 75 million euros (about 82 million dollars) in the year 2023. This is the first time in many years that the company has been at a loss. Earlier the company had earned a profit of 612 million euros.

After the termination of its partnership with Kanye West, Adidas also changed the top brass. The CEO position went to rival Puma's Bjorn Gulden. Even if the outcomes are poor, he said, it will take time for the company to change. He went on to say that the 2023 results were not as bad as initially thought, that we should improve by 2025, and that by 2026, the company should be in good shape.

Revenue for the company dropped by 5% to 21.4 billion euros. The country that has lost the most from the Yeezy shoe sales halt is America. On the other hand, the business is introducing the Yeezy shoe line gradually.

The company will sell Yeezy shoes at cost price. It is estimated that this will generate revenue of about 250 million euros. There has also been relief news for the company from China, where its sales have increased.