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Adidas lowered its earnings forecast for the year by $250million to account for losses from \u00a0over his anti-Semitic remarks – but will still sell his sneakers without Yeezy branding.<\/p>\n
Adidas owns the design rights for both existing and future colors and versions of the Yeezy line, but not the Yeezy name.The company said it will continue to sell the sneaker and apparel line, but stripped of the name and branding, reported.\u00a0<\/p>\n
‘Going forward, we will leverage the existing inventory with the exact plans being developed as we speak,’ Adidas finance chief Harm Ohlmeyer said Wednesday.\u00a0<\/p>\n
The German shoe and eVDen evE NAkliyAT sportswear maker cut its sales and profit outlook part of its third-quarter earnings statement, even as the company’s chief financial officer said the profitability of the Yeezy shoe collaboration with Ye had been ‘overstated.’\u00a0<\/p>\n
The company slashed its expectations in half for net profit from continuing operations to $252 million this year from about $500 million. That matched its earlier statement that ending the partnership with Ye would cost it $252 million in profits.<\/p>\n
The Yeezy brand accounted for up to 15 percent of Adidas’ net income, Morningstar analyst David Swartz said in a note on October 26.\u00a0<\/p>\n
Adidas split from Ye on October 25 just days after the rapper claimed on a podcast that\u00a0, despite saying ‘anti-Semitic things’.\u00a0<\/p>\n