Adidas Announces Job Cuts and Strong Financial Recovery Following 'Yeezy' Exit

The sportswear giant plans to cut up to 500 jobs at its German headquarters while reporting significant growth in revenue and profits for 2024.

Adidas confirmed plans to reduce up to 500 positions at its Herzogenaurach headquarters, citing the need to simplify operations and decentralize decision-making.
The company reported a 12% increase in revenue for 2024, reaching €23.7 billion, and a net profit of €824 million after a €58 million loss in 2023.
The termination of the 'Yeezy' partnership with Kanye West in 2023 contributed to earlier losses but generated €650 million in revenue from remaining product sales in 2024.
Adidas projects further growth in 2025, with expected operating profits between €1.7 billion and €1.8 billion and double-digit growth in key markets like North America and China.
CEO Bjørn Gulden emphasized the company's focus on agility, local market adaptability, and increased investments in marketing and sales for continued success.