Adidas debt rating slashed as Kanye West termination hits earnings

after the German sportswear giant warned that the end of its partnership with Kanye West is likely to hammer earnings.

"Adidas faces a multitude of business challenges, including the termination of its Yeezy partnership, ongoing competitive pressures in the Chinese market, and a contraction of consumer demand in Western countries," S&P said in aAdidas ended its partnership with Ye, the rapper and fashion designer formerly known as Kanye West, in October after he made a string of anti-semitic comments on Twitter and in an unaired interview with Tucker Carlson forIn a profit warning issued on...

Adidas is also struggling to overtake rival brands like Anta in China and could see its total sales come under pressure in the west as well if a recession curbs consumer spending.Bernstein Research warned earlier this month that thein 2023 – suggesting it'd have struggled even if its partnership with Ye hadn't imploded.

It doesn't matter if you are a genius. It matters if people like you. KanyeWest kanyewest

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Adidas credit downgraded by S&P as demise of Kanye West partnership sparks earnings concernsAdidas expects the end of its partnership with Kanye West's Yeezy to shave $1.3 billion off 2023 sales. Hahahahahah And how much in stock decline, we should know exactly how much they lost for being woke That's going to cost them a lot of business
Source: MarketWatch - 🏆 3. / 97 Read more »