Adidas 2022 income drops, more losses seen after end of Kanye tie-up

German sportswear giant Adidas suffered heavy falls in its 2022 net income, according to preliminary results Thursday, and said it expects major losses this year after ending a tie-up with Kanye West.

Net income for last year was 254 million euros ($272 million), down from 1.49 billion in 2021, the figures showed. The end of the Kanye West partnership could contribute to the company suffering operating losses of up to 700 million euros this year, Adidas said.