Per Bloomberg
Adidas Ends Partnership with 'Ye' Kanye West Expecting a $246.5M Short-Term Negative Effect on Full-Year Net Income
10/25/2022
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Adidas is officially ending its partnership with Ye, formerly known as Kanye. The company is prepared to do this despite saying the short-term negative impact could total $246.5 million on its full-year net income.
The Yeezy partnership is estimated between $993 million and $1.49 billion in annual sales which results in about 4-8% of Adidas' group revenue. Upon the announcement, Adidas shares fell close to 5%.
The CEO of Adidas, Kasper Rorsted, is expected to step down in 2023 with his successor having to reignite excitement around the brand.
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