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adidas Tag

August 5, 2023
Latest News

Adidas’ Kanye West Yeezy Release Boosted Profits by $165 Million

[ad_1] Adidas saw a major uptick in profits in the second quarter of 2023 thanks to offloading a bunch of Kanye West's Yeezy shoes back in May.Adidas Gives 2023 Q2 Revenue ReportOn Thursday (Aug. 3), Adidas announced their fiscal report for the second quarter of 2023, which revealed the company has seen a big bump in money over the last thee months."We are happy with the way the second quarter developed," Adidas CEO Bjørn Gulden announced. "The core adidas business was slightly better than we expected. Although we still have too much slow-moving inventory in the market, sell-through has been improving. We also saw gross margin in our core business improving strongly compared to...

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June 1, 2023
Latest News

Adidas Is Selling Kanye West’s Yeezys Again

[ad_1] Guess who's biz-ack? Six months after terminating its partnership with the controversial rapper, Adidas has resumed selling Kanye West's Yeezy sneakers, with a catch.On Wednesday (May 31), Adidas released a new Yeezy drop that features 15 of the rapper's shoe designs including different colorways of the Yeezy Boost 350 V2, Foam Runner, Yeezy Slide and more. A message on Adidas' website notes: "A portion from the sale of these items will be donated in support of the fight for discrimination, hate, racism and anti-Semitism."Fans' Reactions to Yeezys' ReturnFans have been in a frenzy over news of the shoe line's return."Why are all these Yeezys dropping," one Twitter user posted with an mind blown emoji."Adidas ain’t have...

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May 21, 2023
Latest News

Adidas Will Donate Yeezy Proceeds to ADL, George Floyd Foundation

[ad_1] Adidas has finalized a plan to sell off its remaining Yeezy inventory with the proceeds benefiting charities like the Anti-Defamation League and a foundation created by George Floyd’s family.On Friday (May 19), Adidas announced that they will sell their $1.3 billion unsold Yeezy inventory beginning May 31. Furthermore, proceeds from the sale of the shoes will go to two organizations that were deeply impacted by Kanye West's hateful words last year: The Anti-Defamation League and Philonise & Keeta Floyd Institute for Social Change, which was founded by George Floyd’s brother Philonise.This is relevant because Kanye's anti-Semitic rhetoric in various interviews and on social media sparked outrage and demonstrations in Los Angeles,...

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May 11, 2023
Latest News

Adidas Will Start Selling Yeezy Sneakers Again – Report

[ad_1] Adidas has reveals plans to sell their $1.3 billion unsold Yeezy inventory and donate the proceeds to international organizations.On Thursday (May 11), Adidas CEO Bjørn Gulden told reporters at the company's Annual General Meeting 2023 in Fuerth, Germany, that for the past few months, the company has been trying to figure out how to get rid of its inventory of Yeezy sneakers. "...

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May 6, 2023
Latest News

Adidas Split With Kanye West Cost Company $661 Million

[ad_1] The losses continue to mount for Adidas as a result of their terminated partnership with Kanye West.On Friday (May 5), the company posted its first-quarter fiscal report, which reveals the shoe giant had $661 million in lost sales following its split with the controversial Yeezy creator, resulting in a total $565 million net loss. Adidas is looking at a potential operating loss of $771 million in 2023, due largely in part to the $551 million hit the Three Strips could take if it doesn't off its current Yeezy inventory."The adverse Yeezy impact and negative currency developments weighed on the gross margin development," Adidas CEO Bjørn Gulden said in the report. "This...

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May 2, 2023
Latest News

Adidas Faces Class-Action Lawsuit Due to Frayed Partnership With

[ad_1] Adidas is facing a class-action lawsuit, as shareholders are suing the shoe giant following monetary repercussions from parting ways with Kanye West.On Monday (May 1), Billboard reported a group of investors have launched litigation against Adidas in U.S. District Court in Oregon, claiming the brand was aware of Ye's volatile potential a long time before they ended their partnership with him last October over anti-Semitic rhetoric. The plaintiffs in the suit represent people who purchased stock from Adidas between May 3, 2018, and Feb. 21, 2023. The suit alleges Adidas "failed to take meaningful precautionary measures to limit negative financial exposure" knowing that Ye was a liability and things could ended badly.The suit also alleges...

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March 9, 2023
Latest News

Adidas Projects First Annual Loss Decades After Split Kanye West

[ad_1] Adidas is expecting to see a huge loss in 2023, the likes the company hasn't seen in three decades, following their split with Kanye West.On Wednesday (March 8), the German shoe giant reported a fourth quarter operating loss of $763 million. For 2023, Adidas is projecting a $738 million full-operating loss, which would be the company's first annual loss in 31 years.Underlying operating profits are expected to "be around break-even level reflecting sales loss of around € 1.2 billion and corresponding negative operating profit impact of around € 500 million from potentially not selling Yeezy stock," Adidas reports. "Reported operating loss to be € 700 million including additional negative impact of...

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February 10, 2023
Latest News

Adidas Expected to Lose Over $1B in Sales by Dropping Kanye West

[ad_1] Dropping Kanye West could prove to be way more costly than Adidas initially projected.On Thursday (Feb. 9), Adidas released a fiscal projection statement for 2023, which reveals by not selling existing Yeezy stock, the company is expected to take a $1.3 billion hit in the next several months. Their operating profit could also be sliced by as much as $534 million.Adidas terminated its partnership with Kanye West last October, following a string of anti-Semitic comments from the controversial rapper. The split initially cost Adidas more than $250 million in profit and $500 million in lost revenue, according to the company, who claimed they would save $300 million in marketing fees and royalty payments to...

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November 9, 2022
Latest News

Adidas Confirms Plans to Sell Kanye’s Designs Without Yeezy Name

[ad_1] Adidas has reportedly confirmed plans to sell Kanye West's designs without the Yeezy name, a move that will reportedly save the company around $300 million.According to a CNN Business report published on Wednesday (Nov. 9), Adidas confirmed previous reports that despite terminating its longstanding business relationship with Kanye West back in October, the world-famous sports apparel brand will resume the sale of sneakers and clothing previously designed by the Chicago rapper-producer. Although Adidas fully intends to remove the Yeezy name and associated branding from their products, the financial benefits of Ye's designs, which they own, are too great to put to discontinue altogether.The CNN report says during a quarterly earnings call that took place on Wednesday, the shoe giant announced canceling...

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October 25, 2022
Latest News

Kanye West – Companies Who Have Cut Ties From Rapper So Far

[ad_1] Undoubtedly, 2022 will go down as Kanye West's toughest year yet as far as public perception goes.The Grammy award-winning rapper-producer, who now goes by Ye, embarked on a destructive path after he debuted his "White Lives Matter" t-shirts at his Yeezy Season 9 show during Paris Fashion Week on Oct. 3, 2022. After receiving backlash for the t-shirts, Kanye publicly attacked everyone who objected to him being a "free thinker." The Donda album creator then went on several anti-Semitic rants on social media before he was suspended from both Instagram and Twitter for violating the platforms’ policies on hate speech.Following Kanye's bigoted remarks and right-wing rhetoric in podcast and television interviews, several...

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