Adidas is a leading sportswear company but after a dispute with the musician formerly known as Kanye West, the $28 billion sneaker maker is dividing dividends and heading for the first loss in decades.
Speaking to investors for the first time since taking over on 1 January, Chief Executive Bjorn Gulden promised to repair the battered brand after dealing with the fallout from Adidas’s decision to sever ties with contentious singer West, now known as Ye. The successful Yeezy sneaker brand was produced because of the partnership.
Adidas could face a 700-million-euro operating loss if it fails to rebrand and sell thousands of Yeezy-branded trainers still in storage.