Initial sales of Yeezy stock following the termination of Adidas' partnership with rapper Ye have led it to cut its loss forecast to €450 million, from €700 million.
Adidas said Monday initial sales of Yeezy stock following the termination of its partnership with rapper Ye have led it to cut its 2023 loss forecast to €450 million from €700 million.
In May the company said it would sell the remaining stock and donate some of the profits to charities. Shares of Adidas were 6.3% higher at 10:22 a.m. BST Tuesday after the company said its potential write-off from remaining inventory was now €400 million , down from €500 million, as it trimmed its operating loss forecast for 2023 to €450 million from €700 million.
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