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Adidas Profit falls 83% after split with Yeezy appeared on www.wionews.com by WION.
| Updated: Mar 09, 2023, 03:45 PM IST
Adidas cut ties with Yeezy in October 2022 after founder Ye, formerly known as Kanye West, posted what the company viewed to be anti-Semitic comments on social media. On 24 February 2023, the two entities reportedly reached a new agreement to sell leftover Yeezy stock worth $500m (£417m).
The sportwear giant’s full-year operating profits for the 12 months ended 31 December 2022 plummeted from just under €2bn in (£1.8bn) in 2021 to €669m (£596m) in 2022, despite sales increasing by 6% to €22.5bn (£20bn) year on year.
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This article originally appeared on www.wionews.com by WION – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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