News

Fashion

Staff Reporter

, APAC

Published:

1 year ago

Source: adidas website

adidas sees US$746m loss in 2023

This is due to the “adverse impact” of the Yeezy write-off.

adidas expects a €700m, or approximately a US$746m, operating loss in 2023 as it plans not to sell the existing stock of Yeezy inventory.

“While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact of not selling the existing stock,” the company announced.

This is projected to lower revenues by around €1.2b and operating profit by around €500m during the year.

In this light, adidas expected currency-neutral sales to decline at a high-single-digit rate in 2023. The company’s underlying operating profit is projected to be around the break-even level.

Moreover, the company expects one-off costs of up to €200m in 2023.

“These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024,” adidas noted.

Follow the link for more news on

Adidas

Also Read

Tapestry and Capri Holdings end merger agreement amidst legal uncertainty

Fashion industry faces uncertainty in 2025

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

Technology offers solution to India’s food waste crisis in restaurants

It can also help improve efficiency and support sustainable practices in the industry.

Technology

8 hours ago

India’s e-commerce market to reach $147.3b in 2024

It will be driven by the expanding internet penetration and better digital payment infrastructure.

E-commerce

8 hours ago

Food colors market to reach $5.42b by 2031

Still, the market growth is constrained by strict regulations.

1 day ago

Thailand foodservice industry moves to cage-free eggs amidst ethical demand

It is driven by consumers’ expectations for humane treatment of animals.

1 day ago

Exclusives

Brands told to come clean about beauty care

Consumers are more discerning and can easily spot fake ingredient claims.

1 day ago

Swarovski cracks TikTok to scale luxury amongst Gen Zs

The Austrian glassmaker is working with influencers to connect with the Singaporean market.

4 days ago

Starbucks Korea opens high-tech store in Seoul

Its first reserve-only branch features AR art installations and a Mixology Bar.

Decathlon gets closer to hybrid Singaporean shoppers through pick-up service

The world’s largest sporting goods retailer lets clients pick up online orders on the go.Decathlon is building on the success of its pick-up service in Singapore as it progresses toward its target of having 37 locations in the city-state in the next two years, its top official said.

Stores