The Mega Loss That Greeted Both Kanye West and Adidas As A Result Of Their Fallout
It is common knowledge now that Kanye West is no longer a billionaire after Adidas cut ties with him, according to recent happenings between the artist and the German sportswear company.
His loss of Adidas has caused his net worth to plummet to $400 million and he is no longer on the Forbes billionaire list, according to Forbes.
The same is also hitting the sport company, nearing $2 billion in yearly sales, cutting Yeezy from adidas is going to cost them big time…
Stock prices for adidas A.G. fell roughly 5% based on the announcement and the German sportswear giant is expected to lose close to $250 million dollars in profits just in 2022 alone. While the Yeezy lines netted adidas anywhere from 4-8% of their yearly revenue, it was one of their biggest profit makers at over 40% according to a Morgan Stanley analyst. Going forward, adidas is going to have to thrust some of its creators, like Pharrell Williams or Bad Bunny, into the spotlight to help recoup from this massive loss.
