https://sputnikglobe.com/20230308/profit-impossible-adidas-posts-major-loss-in-q4-amidst-geopolitical-challenges-1108170918.html
Profit Impossible: Adidas Posts €724 Mln Loss in Q4 Amidst 'Geopolitical Challenges'
Profit Impossible: Adidas Posts €724 Mln Loss in Q4 Amidst 'Geopolitical Challenges'
Sputnik International
The company forecasts its revenue decrease will amount to 10%, with an operating loss of around 700 million euros in 2023.
2023-03-08T10:32+0000
2023-03-08T10:32+0000
2023-03-08T10:42+0000
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Last year was not that sunny for Adidas, with the company posting Q4 losses of €724 million, quoting geopolitical challenges. These Q4 losses led the yearly net profit to shrink 3.5 times to €612 million.Explaining the shrinking, the company admitted that its business was heavily influenced by the international situation – an obvious reference to the sanction campaign against Russia.When Moscow started the special military operation to protect the people of Donbass from Kiev's attacks, Adidas among other western brands that chose to cancel its business in Russia. Adidas' departure was accompanied by major violations of civil laws – the company failed to pay taxes and reportedly left its former Russian employees without promised layoff bonuses.However, Adidas' misfortunes were not limited to geopolitics. One of the company’s most prominent ambassadors, rapper Ye (formerly known as Kanye West) made a series of controversial statements saying that Jews "control the music industry", which brought allegations of anti-semitism.The company ended its partnership with the rapper, claiming that it "does not tolerate anti-Semitism," and adding that Ye's comments were "unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness."Following the cancellation, Ye refused to back down, which escalated to an explosive interview in which he urged Jews to pardon Adolph Hitler.Right now, Adidas is pondering what to do with its unsold Yeezy (Ye-inspired boots) stock and forecasts a potential loss of €500 million if the stock is written off.
https://sputnikglobe.com/20230228/demand-for-kanye-west-sneakers-rising-despite-anti-semitic-scandals-1107863931.html
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adidas losses, cancel culture, adidas leaves russia, kanye west loves hitler, kanye west ye adidas
adidas losses, cancel culture, adidas leaves russia, kanye west loves hitler, kanye west ye adidas
Profit Impossible: Adidas Posts €724 Mln Loss in Q4 Amidst 'Geopolitical Challenges'
10:32 GMT 08.03.2023 (Updated: 10:42 GMT 08.03.2023) The company forecasts its revenue decrease will amount to 10%, with an operating loss of around €700 million in 2023.
Last year
was not that sunny for Adidas, with the company posting Q4 losses of €724 million, quoting geopolitical challenges. These Q4 losses led the yearly net profit to shrink 3.5 times to €612 million.
Explaining the shrinking, the company admitted that its business was heavily influenced by the international situation – an obvious reference to the sanction campaign against Russia.
When Moscow started the
special military operation to protect the people of Donbass from Kiev's attacks, Adidas among other western brands that chose to cancel its business in Russia. Adidas' departure was accompanied by major violations of civil laws – the company failed to pay taxes and reportedly left its former Russian employees without promised layoff bonuses.
28 February 2023, 09:04 GMT
However, Adidas' misfortunes were not limited to geopolitics. One of the
company’s most prominent ambassadors, rapper Ye (formerly known as Kanye West) made a series of controversial statements saying that Jews "control the music industry", which brought allegations of anti-semitism.
The company ended its partnership with the rapper, claiming that it "does not tolerate anti-Semitism," and adding that Ye's comments were "unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness."
Following the cancellation, Ye refused to back down, which escalated to an explosive interview in which he
urged Jews to pardon Adolph Hitler.Right now, Adidas is pondering what to do with its unsold Yeezy (Ye-inspired boots) stock and forecasts a potential loss of €500 million if the stock is written off.
