Adidas Reports a $540M Loss , Due to Unsold Yeezy Products.<br />Adidas cut ties with Kanye West and his Yeezy line in October due to antisemitic comments made by the rapper.<br />Adidas cut ties with Kanye West and his Yeezy line in October due to antisemitic comments made by the rapper.<br />The inability to sell backstock, coupled with increasing <br />supply costs and declining revenue in China.<br />led Adidas to endure a net loss of $540 million in the fourth quarter of 2022.<br />NPR reports that if the company decides against repurposing the Yeezy products, it could lose over another $500 million this year.<br />Adidas says it's expecting an operating loss <br />of over $700,000,000 this year.<br />CEO Bjorn Gulden said 2023 will be <br />"a transition year" and "we can then start to build a profitable business again in 2024.".<br />Adidas will also be replacing top executives.<br />Roland Auschel, the company's global sales head of 33 years, will be replaced by Arthur Hoeld. .<br />Head of global brands Brian Grevy <br />will exit his role on March 31.<br />CEO Bjorn Gulden will handle his responsibilities for the time being
