Adidas Reports Drop in Sales Following Split from Kanye West’s Yeezy Brand
Adidas has announced a decrease in sales coupled with better than expected profits post its split from rapper and fashion designer Kanye West. The loss of West’s Yeezy brand has impacted the business, but Adidas points to a recovery in sales in China as somewhat of a salve. The company had yet to decide what to do with an overstocked £442m worth of Yeezy stock, something that Adidas confirmed again on Friday. The stock could potentially be written off or repurposed. Despite strong partnerships with other brands like Pharrell Williams and Jerry Lorenzo’s Fear of God, Adidas is still on track to record its first annual loss in three decades this year, estimated at £612m.
