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Will Adidas destroy, donate or sell off its Yeezy sneaker stock?

2022 was not a good year for Adidas. With slowing sales in China, a sanctioned Russia and a Yeezy crisis, 2023 has already been christened with a probable operating loss of 700 million euros. This is largely due to the mountain of Yeezy stock Adidas has to reconcile. The options are limited. Selling the stock would lessen the losses but no doubt...

9 Mar 2023

BusinessFeatured

Adidas announces management changes, extends contract of CFO

Sportswear giant Adidas has announced changes to its top team the same day it revealed it swung to a loss in the fourth quarter of the year. The German company said Wednesday that the contract of Harm Ohlmeyer, who has been finance chief since 2017, will be extended for three years, meaning he’ll remain in the post until the beginning of 2028....

8 Mar 2023

Adidas posts Q4 loss, slashes dividend to 0.70 euros

Fourth quarter currency-neutral revenues at Adidas declined 1 percent and in euro terms, total revenues increased 1 percent to 5.2 billion euros. In 2022, currency-neutral revenues at Adidas grew 1 percent, reflecting increases in all market segments except Greater China. In euro terms, the company’s revenues increased 6 percent to 22,5 billion...

8 Mar 2023

BusinessFeatured

Adidas and Ye reportedly reach 500 million dollar deal to sell remaining Yeezy stock

Sportswear giant Adidas is said to have reached a new agreement with rapper-turned-designer Ye, formerly Kanye West, following the termination of its partnership with Yeezy. The reports come in relation to rumours currently circulating online and through social media, where it has been noted that the German brand has struck up a new deal with Ye...

27 Feb 2023

Business |OPINION Featured

Adidas has a billion dollar Yeezy problem

When Adidas quietly closed the Yeezy Supply website last week, it was a marker of an inventory problem that is far from resolved. With thousands of unsold pairs in the German sportswear giant’s warehouses, Adidas will take its first loss in three decades if its Yeezy sneakers are not sold. Adidas shares fell 12 percent on Friday, with the...

13 Feb 2023

Business

Adidas mulls Yeezy’s future in 2023 outlook report

Sportswear giant Adidas has said it is still mulling its future options for Yeezy, the brand of its former collaborator Kanye West, as it reported that it expects any stock write-off to take a hit on its revenues. In the company’s financial guidance report for 2023, Adidas accounted for the “significant adverse impact” that would be caused by...

10 Feb 2023

Fashion Featured

Adidas to investigate Kanye West misconduct to employees

When Adidas severed its contract and ties with Yeezy in October, the anti-semitic views expressed by Kanye West, now known as Ye, was not the first time the musician and entrepreneur’s behaviour caused offence. An open letter written by several employees addressed to Adidas’ CEO and management titled, “The Truth About Yeezy: A Call to Action for...

25 Nov 2022

Business

Adidas says it wants to continue using Yeezy designs

Adidas has said that it is planning to continue using the Yeezy designs even after the end of its collaboration with Kanye West. This was announced by Adidas chief financial officer Harm Ohlmeyer on Wednesday morning at a conference call on the results of the company's third quarter. According to Ohlmeyer, the German sports goods manufacturer is...

10 Nov 2022

People

Kanye estimates two billion dollar losses following anti-Semitic rants

Kanye West lost two billion dollars in a single day, he said Thursday, as business partners rushed to dump the rapper in the wake of a series of anti-Semitic outbursts. The music and fashion mogul has seen lucrative commercial tie-ups shelved as companies including Adidas and Gap took fright at comments dubbed hate speech by activists. "I lost...

28 Oct 2022

Business

Resale platforms join in cutting Yeezy products amid backlash over Ye’s hate speech

A number of major resale platforms have joined in the growing backlash against Ye, the rapper formerly known as Kanye West, following his regular bouts of hate speech and controversial behaviour. The RealReal is among those that have denounced the rapper’s remarks against the Black and Jewish communities, with the platform stating it would no...

27 Oct 2022

Business |Opinion Featured

Adidas splits from Yeezy, what next?

When Adidas and Kanye West began their partnership in 2013, there was little to suggest the Yeezy brand would scale to the hugely successful and profitable range it is today. Representing 7 percent of Adidas revenue with an estimated annual turnover of 1.8 billion dollars according to the New York Post, cutting ties with Ye, as Mr West prefers...

26 Oct 2022

Business

Adidas places Yeezy partnership under review

Adidas has announced it has placed its partnership with Kanye West’s Yeezy “under review” following increasing tension between the sportswear giant and the rapper-turned-entrepreneur. The brand’s announcement comes after a public tussle with West, professionally known as Ye, who took to social media to air his frustration with his brand partner....

7 Oct 2022