Adidas lowers its profit projections for the full year, saying its break-up with Yeezy is expected to affect its bottom line during the important holiday shopping season.
In this June 28, 2016, file photo, Kanye West appears at Milk Studios in Hollywood, Calif.Adidas on Wednesday lowered its profit projections for the full year, saying its break-up with Yeezy is expected to affect its bottom line during the important holiday shopping season.
The company on Wednesday said it had lowered its full-year operating margin outlook to 2.5%, down from the 4% margin it had targeted before the Yeezy termination in October. Still, the exact plans for the severing of the arrangement remain unknown. Adidas declined to respond to a request for comment.Adidas, a German company, faced increasing pressure to cut ties with Ye last month after the rapper made antisemitic comments on Twitter, podcasts and interviews.
"Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a statement last month after terminating the partnership.
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