Adidas sites loses after fallout with rapper Kanye West.

Adidas has reported an annual loss for the year 2023 weighing down to the fallout with rapper Kanye West.

The loss of 75 million euros (Ksh.11 billion) followed a profit of 612 million euros the previous year.

Sales fell by 5% to 21.4 billion euros and were hit particularly hard in the US due to the discontinuation of sales of Yeezy trainers that were designed with West.

In 2022, Adidas broke off its contract with West after he made a series of anti-Semitic remarks, leaving it stuck with thousands of unsold Yeezy shoes they had developed together.

Two Yeezy sales in 2023 brought in 750 million euros, well below the 1.2 billion euros of revenue the logo had generated in 2022.

Adidas is giving profits from the sales to charities.