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Adidas could be facing their first annual loss in 30 years after a failed tie-up with the rapper formerly known as\u00a0Kanye West\u00a0has left them with \u00a31.1bn of unsold stock.<\/p>\n
The German sportswear brand reported its annual financial results on Wednesday stating it will slash dividends to shareholders as they consider how to deal with the unsold ‘Yeezy’ products from the controversial rapper.<\/p>\n
If they decide to write off the products it could lead to the company’s operating profit being lowered by \u00a3446million and a first annual loss for the first time in three decades.<\/p>\n
According to the\u00a0Washington Post, they could ‘literally burn \u00a3500m’ of the Yeezy range that was once a very popular and highly lucrative part of the sportswear’s business model.<\/p>\n
However, Adidas CEO Bjorn Gulden hopes the company can return to profitable growth by 2024 by reducing stocks and cutting discounts.<\/p>\n
Source: Dailymail.co.uk<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n
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