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adidas kanye west 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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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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