FRANKFURT: German sportswear giant Adidas said Wednesday it will cut up to 500 jobs as it looks to continue its revival and turn the page on a messy split with US rapper Kanye West.
The reduction in the headcount, aimed at driving efficiency, will affect staff at Adidas’s headquarters in Herzogenaurach and will progress on a voluntary basis, CEO Bjorn Gulden told reporters.
Gulden took the reins at the sports outfitter in 2023 in the wake of its damaging split with West — who now goes by Ye — over anti-Semitic remarks by the rapper.
Following the end of the collaboration, Adidas began offloading excess stock of Yeezy products developed together with West.
Adidas said Wednesday it had sold off its last remaining pair of Yeezy-brand trainers in the last quarter of last year.
The loss of West and the income from the lucrative athleisure line drove Adidas to a loss in 2023, but the group has since bounced back.
In 2024, Adidas made a net profit of 824 million euros ($882 million) and said it hoped to continue the upward trend in 2025.
Adidas said it expected “high-single-digit rate” sales growth overall in 2025, despite a lack of major sporting events that could boost sales.
Speaking to reporters, Gulden said the impact of US tariffs threatened by President Donald Trump against key trading partners such as China was uncertain.
“We don’t know what will happen with tariffs in the United States,” the CEO said.
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