Adidas dropped Kanye West because he suggested he could make anti-Semitic remarks and that Adidas would not dump him.
However, the contentious choice to end a seven-year relationship with the 21-time Grammy winner was not without consequences. The Financial Times has published a new analysis that details the expenses of that big choice.
Adidas reportedly holds $530 million in outdated Kanye West goods. Adidas wants to sell such shoes at a substantial discount in order to avert a financial disaster at the end of the year.
According to the article, Adidas does not yet know how it will sell the shoes. It also illustrates how deeply Adidas got into business with West, and how much of their prosperity was dependent on the now-banned star’s popular success.
According to the article, Adidas profited “upwards of $1.8 billion” on the West agreement, which is around 7% of the company’s yearly revenues. The magnitude of the financial gain explains why the sneaker company waited so long to discontinue its contract with West.
In January, the Adidas 350 v2 “Granite” will be released as the company’s first unauthorized West product for $230. Industry observers will be interested to watch how that product sells without West’s typical branding
For Mor News: https://www.ft.com/content/eec3746b-11de-476b-a609-1d135992ba47
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