The German sports equipment manufacturer Adidas suffered a heavy drop in its net income in 2022, suffering the full brunt of the end of its collaboration with Kanye West, the group said on Thursday.
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Adidas’ net profit fell to 254 million euros, compared to 1.49 billion euros generated in 2021. The end of the collaboration with the American rapper Kanye West after the anti-Semitic remarks made by the latter, should end in 2023 with an operating loss of 700 million euros, Adidas said.
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