On October 25, Adidas confirmed they would no longer continue their partnership with Kanye West, who now goes by Ye, but what is the brand’s net worth in 2022?
Adidas and Ye’s collab came as exciting news to the fans when it was confirmed back in 2015. Since then, the partnership has resulted in huge profits for both of them.
Fast forward to 2022, the brand released a statement confirming they were ending their ties with the rapper due to the antisemitic comments he shared online and during interviews.
How much is Adidas worth?
As per Macro TrendsAdidas is estimated to have a net worth of $20.19 billion. This does not come as a surprise as the brand confirmed that it had a brilliant 2021.
In a statementthe company revealed its sales grew 16% and that the company’s revenues increased by 15% in 2021 to €21.234 billion.
In the same year, the company’s gross margin increased by 0.7 percentage points to 50.7%. With all this in mind, the company aimed for a higher performance in 2022.
How much did the brand make from Yeezys?
As per New York PostJonathan Komp, a Baird analyst, estimated that with the partnership the brand was earning around $1.8 billion in annual revenue.
In the statementthe band also confirmed that they had forecasted that Adidas would “have a short-term negative impact” of up to €250 million on the company’s net income in 2022.
At the same time, the deal has also impacted Ye who is no longer on the Forbes billionaire list as his net worth went from $1.5bn to $400m.
Adidas cut ties with the rapper
Adidas finally confirmed that they were ending their partnership with the rapper following some of the comments he made online and offline.
The statement read: “Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
It continued: “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the Adidas Yeezy business with immediate effect.”
In other news, How much money does Adidas make from Yeezy each year?