The German sportswear maker ended their nine-years-long partnership with the fashion mogul after his anti-Semitic rants.
Following the multi-billion company’s lodestar exit, its annual revenue is expected to slump by $1.27 billion this year.
The Chief Financial Officer Harm Ohlmeyer also admitted the hard hit the company suffered from West’s departure by calling it a “disappointing year” for the German giant, as per CNN.
“We definitely did not perform as we should have performed,” he said before presenting the company declining operating profit by 66% year-over-year to $705 million.
The CFO hopes to make this year a lesson to learn from mistakes to turn losses into profits in the future.
“2023 will be a year of transition to set the base to again be a growing and profitable company.
“I am convinced that over time we will make Adidas shine again. But we need some time,” he said in last month’s statement.
On the controversy, meanwhile, one user on Twitter quipped, “Adidas performed poorly after dropping Kanye West… tried too hard to slay with the public/media and didn’t realize the power Kanye has in streetwear and pop culture.”
However, Adidas is at loggerheads about their unsold Yeezy pile; but reseller platforms are experiencing demand for Yeezy sneakers.
The shoe brand is currently one of the most-sought on Impossible Kicks, a large online reseller of branded sneakers and clothing.
“Demand for Yeezys has surged 30% since last October-November,” John Mocadlo, CEO of Impossible Kicks, said to CNN.
“We sell about 30,000 sneakers in total every month. Probably 6,000 to 7,000 of those right now are Yeezys,” he added.