Published 9 March 2023 at 09.49
Economics. Adidas is headed for its first annual loss in 31 years – of the equivalent of SEK 8 billion – after canceling its collaboration with the African-American musician Kanye West. CNBC News reports.
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The German sportswear giant broke up with Kanye “Ye” West in October after pressure from Jewish groups. This after the star made anti-Semitic comments.
The Adidas contract accounted for $1.5 billion of West's fortune, and the company's decision led to him losing most of his fortune and no longer a dollar billionaire.
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Adidas is still sitting on shoes worth the equivalent of SEK 13 billion from the “Yeezy” collaboration with Kanye West that they don't know what to do with, writes AP.
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