Adidas’ 2023 revenues fell 5% to €21.4 billion. (Aitor Alcalde/Getty Images)

Global sportswear brand adidas posted a loss for the first time in over 30 years for the 2023 financial year, it has been revealed.

The Germany-based heavyweight lost €75 million ($81.8 million) in 2023 after making a profit of €612 million in 2022.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Revenues fell to €21.4 billion, a drop of 5%, as sales of the 'Yeezy' brand of trainers were discontinued.

However, the sportswear giant has forecast an operating profit of around €500 million for 2024, and that sales should grow in the ‘mid single-digit’ range.

The financial results have been heavily impacted by Adidas ending its collaboration with controversial music artist Kanye West in late 2022.

See Also:

The ending of this relationship – after West made various anti-semitic comments – meant the discontinuation of the popular line of ‘Yeezy’ trainers that Adidas and West had designed together. Adidas is now only able to sell off the remaining stock in that line.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Adidas is now donating a portion of the profits from the sale of Yeezy products to various anti-hate groups. Last year, that figure came to €140 million.

Bjorn Gulden, Adidas’ chief executive (who has only been in the post since the start of 2023), said: “Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year.”

In 2024, meanwhile, Adidas expects its underlying business to secure growth of at least 10% in the second half of the year.

Last month, Adidas extended its long-running kit supply agreement with French top-tier soccer side Olympique Lyonnais.