Adidas faces a slump in China and a $6 billion mountain of unsold products after dumping its CEO and ending a partnership with Kanye West
after a bruising 2022 in which it dumped its chief executive and ended a partnership with rapper Kanye West.
“2023 will be a transition year to build the base for 2024 and 2025,” said Mr. Gulden. Resolving the inventory overhang will be a priority for this year, he said, with inventory levels having increased by half last year to just under €6 billion. Adidas announced further changes to its senior leadership team Wednesday, including the departure of two members of its executive board, as it seeks to reignite consumer engagement and kick-start sales.
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