Adidas shares on Monday benefited on hopes of less-than-feared strains from the end of the partnership with controversial rapper Kanye West. The papers of the sports goods group rose shortly after the start of trading by up to a good three percent to 140.56 euros, but then turned just before the 50-day line. This medium-term trend indicator is currently at EUR 141.16.
A retailer referred to press reports that Adidas and the rapper had reached a new deal to sell their remaining inventory of athletic shoes worth half a billion dollars. Adidas wrote to FashionUnited that there was no further news after the recently released annual financial report.
Just over two weeks ago, the company announced that the end of the partnership would also have a negative impact in the new year. The board of directors wanted to examine how it could use the Yeezy products from the fashion collaboration with the artist, but also calculated on staying on the goods, it said. This would reduce sales by around 1.2 billion euros and operating profit by half a billion euros. (dpa)
This post was updated at 4:07pm on February 27, 2023 with the help of Jule Scott.
