German sporting goods manufacturer Adidas fell 3.2% on the stock market after ending its cooperation with the American singer kanye-west with immediate effect, after the rapper’s anti-Semitic and racist statements, which he described as “unacceptable”.
Adidas it lost 3.2%, to 100.50 euros per share, at the close of trading on the Frankfurt Stock Exchange, although at times during the session it fell as much as 9%.
The German company calculates that the end of this collaboration with the American rapper will have a negative impact of 250 million euros on the company’s net profit in 2022.
In the past week Adidaswhich has lost 61% on the floor so far this year, revised down its profit forecasts for the third time this year due to falling sales in China and the costs of liquidating the business in Russia.
