Shrink-wrapped limited edition Adidas AG ‘Yeezy’ model trainers in London, U.K., on Aug. 13, 2021.Hollie Adams / Bloomberg via Getty Images file
Adidas said Thursday that it is at risk of losing as much as 1 billion Euros — equivalent to $1.07 billion — in operating profits if it fails to successfully offload its inventory of Kanye West-designed Yeezy merchandise.
In its financial guidance for 2023, the Germany-based sneaker giant warned that the initial “adverse impact” from not selling the items would be €1.2 billion in revenues, or approximately $1.3 billion; and around €500 million, or $533 million, in operating profit.
Read more here: https://www.nbcnews.com/business/business-news/adidas-warns-dropping-kanye-west-cost-1-billion-rcna70155
