Adidas says end of its collaboration with Kayne West is ‘hurting’ it as it heads for annual losses of more than £600m
Adidas said the end of its collaboration with Kayne West is ‘hurting’ it as it heads for annual losses of more than £600m.
The sportswear company cut ties with the rapper – known as Ye – in October after he made anti-Semitic comments.
That left Adidas with £1billion of unsold trainers and other gear West designed under the Yeezy brand.
Yeezy does it: Rapper Kanye West pictured with ex-wife Kim Kardashian
Losing the profitable line hit sales in the first quarter by £350m.
It racked up a £20m loss, having made a profit of £271m in the same period last year.
Chief executive Bjorn Gulden said the loss of Yeezy is ‘of course hurting us’.
Adidas expects an annual loss of £615m.