Adidas bounces back after Yeezy mess
Adidas has announced it is set to make profits of €700m (£598m) in 2024. The announcement comes after the German sportswear giant’s messy situation with Kanye West and his Yeezy shoes.
In February, Adidas announced it would sell its remaining Yeezy trainers from its partnership with West for at least cost price.
Adidas parted ways with West following his online scandals including antisemitic comments he was making online at the time.
The announcement comes just one month after the company posted its first losses in 30 years.
The revised figures were €200m more than initially predicted and down to a better-than-expected first quarter of the year.
Adidas said its quarterly operating profit had reached €336m, up from €60m a year earlier when the break-up with West hit.
Adidas further said it had sold another €150m worth of Yeezy products in the quarter, at a profit of around €50m. It said the remainder of its Yeezy stock would probably be sold for about €200m later this year, but without any further profit.
Last year the sportswear giant pledged to donate some of the proceeds of the sales to charities who work on combating hate.
Rishi Sunak apologies for ruining Adidas
The prime minister and Adidas were in the headlines last week after Rishi Sunak was pictured wearing the Sambra brand – something the internet was not happy about.
Rishi Sunak Has Killed The Adidas Samba – "An Archival Pub Shoe That Works Almost Anywhere".
— Pod Save the UK (@podsavetheuk) April 12, 2024
From the new Pod Save the UK with @cocobyname & @MrNishKumar. Listen now: https://t.co/0G12rmurTr#PodSaveTheUK pic.twitter.com/BrDzXUsuKI