• Sourcing Journal, Wednesday, November 9, 2022 6:46 PM

The split between Adidas and Ye (formerly known as Kanye West) is going to cost the athletic wear company half of its projected 2022 profit. In reporting third-quarter earnings, Adidas cut its full-year net income expectations from preliminary projections made just one month ago. It now forecasts 250 million euros ($250.8 million), down from a target of around 500 million euros ($501.6 million). The company is looking to start fresh in 2023 with former Puma CEO Bjørn Gulden as its new CEO effective Jan. 1. 

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