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☆ Adidas’ retro-inspired shoes are flying off shelves
▼ + stars: | 2024-04-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Adidas’ Samba and Gazelle sneakers might look like they’re from another decade, but they’re the hottest shoes on sale right now. Buoyed by the strength of those shoes, plus higher demand for its running, basketball and soccer shoes, Adidas registered a net profit of about $182 million through the first three months of 2024 — a sharp reversal from the same time period last year when it reported a $26 million loss. In particular, sales in Europe soared 14%, and Adidas also had strong demand for its products in China and Latin America. “The markets are still volatile and not easy, but we feel we are making progress everywhere,” said Adidas CEO Bjørn Gulden in a release. Last year, Adidas slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, sluggish sales in North America and a huge tax bill.

Persons: Ye, ”, Bjørn Gulden, “ Organizations: New, New York CNN, Adidas, ’, Copa America, Rival Nike, German, soccer teams Locations: New York, German, Europe, China, Latin America, North America

☆ Meet the man trying to save Adidas — but he'd rather be playing football for Germany
▼ + stars: | 2024-03-17 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +3 min

CEO Bjørn Gulden was appointed as the company was reeling after the end of its Yeezy collection. Gulden, a former athlete, refocused on Adidas' classic Samba sneaker, popular with Gen Z. AdvertisementGulden began his career playing soccer for national leagues in Germany and Norway before an injury forced him to retire. Gulden has successfully ramped up production of Adidas' Samba and Gazelle sneakers. "We currently have maybe the hottest shoe in the market … and it's the Adidas Samba," Gulden said on an earnings call last year.

Persons: Bjørn Gulden, Z, —, Ye, didn't, Manuel, Manuel Neuer, Gulden, Rihanna, Jay Organizations: Adidas, Service, Kanye West, FT, German, Puma, Defamation, Business, Street Journal Locations: Germany, Norway

Net sales of what's left of Adidas' former banner line of sneakers brought in about 750 million euros last year, compared with over 1.2 billion euros in 2022, the company reported. Of the 300 million-euro profit it earned from the sales of Yeezy shoes last year, the company said it had given away or planned to donate over 140 million euros (about $152 million). It blamed a high tax rate for ending the year with a net loss of 58 million euros, a massive turnaround from net income of 254 million euros in 2022. Looking forward, Adidas expects to make about 250 million euros in sales of the remaining Yeezy shoes this year. It said that North America was “particularly affected by the negative Yeezy impact” and that revenue there dropped 16% last year.

Persons: —, it's, Ye, Philonise Floyd, George Floyd, what's, Adidas, Bjørn Organizations: — Adidas, Kanye, Adidas, Defamation League, Keeta Floyd Institute for Social Locations: Germany, North America, America, Paris

☆ Adidas warns of falling sales in North America as it continues to sell off Yeezy inventory
▼ + stars: | 2024-03-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Adidas on Wednesday warned of a sales decline in its overstocked North American market in 2024, as the German sportswear brand continues to sell off its remaining Yeezy inventory. Currency-neutral sales in North America are expected to decline to a mid-single-digit rate in 2024, but are projected to notch mid-single-digit growth worldwide despite persistent "macroeconomic challenges and geopolitical tensions," the company said. For the fourth quarter, the company posted an operating loss of 377 million euros. "Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues. We expected to have a substantial negative operating result, but achieved an operating profit of €268 million."

Persons: Ye, Bjørn Gulden, Yeezy Organizations: Adidas, Kanye, adidas Locations: North America, U.S

☆ Yeezy fiasco helps push Adidas into loss as US sales continue to fall
▼ + stars: | 2024-03-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

“Going forward, the company expects the tax rate to normalize again as its operating profit improves,” Adidas said in a statement. Sales in North America — the company’s second-biggest market — declined more than 16% in 2023, partly because Adidas slashed sales to wholesalers in order to reduce their high levels of inventory. The company expects its sales in the region to fall again this year, by around 5%. Globally, sales of Adidas footwear, which includes popular Samba and Gazelle sneakers, were up 4%, in contrast with a 6% fall for Adidas apparel. On a different measure of earnings, the company recorded an operating profit of €268 million ($293 million) last year.

Persons: Ye, Harm Ohlmeyer, “, ” Adidas, Bjørn Gulden, Olesya Dmitracova Organizations: London CNN, Adidas Locations: North America, China

☆ Adidas says it plans to sell its remaining Yeezy sneakers – and it doesn't want to make a loss
▼ + stars: | 2024-02-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Adidas says it plans to sell its remaining stocks of Yeezy sneakers worth nearly $300 million. "The company plans to sell the remaining Yeezy product at least at cost in 2024," Adidas said in a press release Wednesday. The German sportswear retailer had previously planned to write off roughly 300 million euros ($324 million) of Yeezy inventory. It now plans to sell around 268 million euros ($289 million) of its remaining stock. AdvertisementAdidas said that it had sold Yeezy stock worth 1.2 billion euros in 2022 and 750 million euros in 2023, the latter of which generated a preliminary operating profit of around 300 million euros.

Persons: Ye, —, Bjørn, George Floyd, Gulden Organizations: Adidas, Service, Kanye, Twitter, Defamation League, Keeta Floyd Institute for Social, Business, Argentine

☆ Adidas won't write off remaining Yeezy inventory, plans to sell ‘at least’ at cost
▼ + stars: | 2024-01-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Adidas announced on Wednesday that it won't write off the majority of its unsold Yeezy inventory and instead plans to sell the remaining shoes "at least" at the cost it paid for them, as the apparel retailer looks to recoup its losses. The company attributed the profit to its "better-than-expected operational business" during its fourth quarter and the decision to sell the majority of the remaining Yeezy inventory. Instead, the company plans to sell the remaining Yeezy product at least at cost in 2024," Adidas said in a news release. CEO Bjørn Gulden added: "Our consumer, retail and trade research has shown that we can sell this remaining inventory in 2024 for at least the cost price. It's not clear if Adidas will donate any portion of the remaining Yeezy sales.

Persons: Ye, Bjørn Gulden, George Floyd, It's Organizations: Adidas, Defamation League, Keeta Floyd Institute for Social, CNBC PRO Locations: Chicago

☆ The CEO Who Gave 60,000 Employees His Cellphone Number
▼ + stars: | 2024-01-13 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

HERZOGENAURACH, Germany—A former professional soccer player, Bjørn Gulden says that when he took over Adidas just over a year ago, it felt as if the German sports giant was losing by four goals at halftime. Morale was down after the collapse of its Yeezy collaboration with rapper Kanye West, who now goes by Ye, and employees complained about a lack of transparency.

Persons: Germany —, Bjørn Gulden, Kanye West, Ye Organizations: Adidas Locations: HERZOGENAURACH, Germany

☆ Adidas' CEO says he gave his cell number to 60,000 employees and was slammed with 200 messages a week, report says
▼ + stars: | 2024-01-13 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

The CEO of Adidas, Bjørn Gulden, gave his cell number to 60,000 of his employees. "Some people think I'm crazy," Gulden told The Wall Street Journal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdidas' CEO Bjørn Gulden shared his cellphone number with 60,000 employees at a town hall meeting in an effort to boost transparency at the firm, The Wall Street Journal reported. This story is available exclusively to Business Insider subscribers.

Persons: Bjørn Gulden, Gulden, —, Kanye West Organizations: Adidas, Wall Street, Service, Street Journal, Business

☆ New York City Marathon: ‘Super shoes’ have ‘blown distance running into a new stratosphere.’ Are they benefitting the sport?
▼ + stars: | 2023-11-03 | by ( George Ramsay | ) edition.cnn.com time to read: +12 min

Michael Reaves/Getty ImagesThe two records in quick succession heightened the debate about how carbon-plated shoes – commonly referred to as “super shoes” – are rapidly changing the distance-running landscape. Today, they are worn by virtually all elite marathon runners, both for racing and for training, and by many casual runners, too. Tobias Schwartz/AFP/Getty ImagesThompson has other reservations about super shoes. “A lot of people say, well, people recover faster from training in the super shoes and therefore they can do more training, better training,” he added. “What I believe I’m seeing is that those who train all the time in super shoes will reduce their body’s ability to optimize biokinetic energy production.

Persons: Assefa, Bjørn Gulden, Kelvin Kiptum, Eliud Kipchoge, Michael Reaves, Peter Thompson, what’s, ” Thompson, … who’s, who’s, Thompson, hadn’t, I’ve, ”, Luciano Lima, “, ” Thomas Allen, Tobias Schwarz, Sifan Hassan, Chicago –, haven’t, ” Tim Hutchings, ” Hutchings, they’re, it’s, It’s, Jaroslav Svoboda, Hutchings, “ We’re, Eliud, Tobias Schwartz, “ I’m Organizations: CNN, Berlin Marathon, Adidas –, Chicago Marathon, Nike, Reebok, Adidas, Getty, Berlin, Runners, Manchester Metropolitan University, World Athletics, York City Marathon, Puma, Athletics Locations: Berlin, Chicago, Great Britain, Prague, York

☆ Kanye West drew a swastika at a Yeezy meeting with Adidas and told a Jewish manager to kiss a photo of Hitler, report says
▼ + stars: | 2023-10-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

More details of Kanye West's conduct during his partnership with Adidas were revealed by The New York Times. The rapper drew a swastika on a shoe design and told a Jewish employee to kiss a photo of Hitler, per the Times. In another detail of his troubling antisemitic behaviour, Ye told one Jewish manager at the company to kiss a picture of Hitler every day. The last Adidas Yeezy restock AdidasAdidas CEO Bjørn Gulden has defended Ye, saying that the rapper had been misunderstood. The company told the Times it had "no tolerance for hate speech and offensive behavior, which is why the company terminated the Adidas Yeezy partnership."

Persons: Kanye, Hitler, Ye, —, Adidas Yeezy, Bjørn Gulden Organizations: Adidas, The New York Times, Times, Service, New York Times, Adidas Adidas Locations: Germany

☆ Kanye ‘didn’t mean what he said’ about Jews, Adidas CEO says
▼ + stars: | 2023-09-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Adidas CEO Bjørn Gulden said he doesn’t think Kanye West “meant what he said” when the rapper spewed antisemitic comments last year. “Very unfortunate, because I don’t think he meant what he said, and I don’t think he’s a bad person. His comments garnered global outrage and a few days later Adidas ended its nine-year business relationship with him. Prior to those comments, Adidas put the “partnership under review” after he wore a “White Lives Matter” T-shirt in public. It now expects to make a €450 million ($491 million) operating loss in 2023, a much better outcome than the €700 million ($764 million) loss it had forecast back in March.

Persons: Bjørn Gulden, ”, Ye, Gulden, ” Gulden, Adidas didn’t, West Organizations: New, New York CNN, Adidas, West, White, Ku Klux Klan, British, Manchester United Locations: New York, Norwegian

SAN FRANCISCO (AP) — Adidas CEO Bjørn Gulden said he doubts that Ye, the artist formerly known as Kanye West, "meant what he said” when he made a series of antisemitic and other offensive remarks last year. Almost a year ago, Adidas ended a major partnership with Ye over his statements, discontinued Ye’s line of Yeezy shoes and moved up the planned departure of its CEO. “Very unfortunate, because I don’t think he meant what he said and I don’t think he’s a bad person. The break with Ye left Adidas with a huge supply of unsold Yeezy sneakers that it has begun to sell in limited batches. The company has not said how many of those shoes remain in inventory, although the unsold shoes and Ye's departure impacted Adidas profits.

Persons: Bjørn Gulden, Ye, Gulden, ”, “, Ye’s, Kim Kardashian, David Organizations: FRANCISCO, Adidas, Good, Paris Fashion, Star, Defamation League, Keeta Floyd Institute for Social Locations: U.S

☆ Adidas plans to keep 'carefully' moving more Yeezy stock after making $437 million from its first post-Kanye West sale
▼ + stars: | 2023-08-04 | by ( Polly Thompson | Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Adidas said it made $437 million from the first sales of Yeezy shoes since cutting ties with Kanye West. A second batch of Yeezy items dropped Wednesday as Adidas keeps trying to shift leftover stock. The company kicked off another round of Yeezy sales Wednesday, including the popular sneakers Yeezy Boost 250 V2, 500, 700 and the Yeezy Slide and Foam Rnr lines. Demand for the remaining Yeezy stock has helped to bring the company's expected annual loss down from $764 million forecast in March to $491 million. In line with Gulden's promise that the company will "continue to carefully sell off more of the existing Yeezy inventory", a second batch of Yeezy sneakers went on sale this week.

Persons: Bjørn Gulden, Robert Kraft's, Ye, Gulden Organizations: Adidas, Kanye, Service, Associated Press, Fox News, Defamation League, Keeta Floyd Institute for Social, Robert Kraft's Foundation, Combat Locations: Wall, Silicon, German

☆ Adidas upgrades outlook as Kanye West fallout fades
▼ + stars: | 2023-08-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Adidas upgraded its earnings outlook for the year Thursday, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. Adidas (ADDDF) now expects to make a €450 million ($491 million) operating loss in 2023, a much better outcome than the €700 million ($764 million) loss it had forecast back in March. Last week, Adidas said it would put another batch of its Yeezy inventory up for sale during August. CEO Bjørn Gulden said Thursday that Adidas had sold between 20% and 25% of its stock of Yeezy shoes, according to Reuters. Adidas said its 2023 outlook does not include the second Yeezy release.

Persons: ”, Ye, Bjørn Gulden Organizations: London CNN, Adidas, Reuters, ” Adidas Locations: €, China, North America, Europe

☆ Strong leftover Yeezy sales could reduce Adidas’ expected operating loss
▼ + stars: | 2023-07-24 | by ( Ellie Stevens | ) edition.cnn.com time to read: +1 min

CNN —Strong sales of leftover Yeezy inventory is helping Adidas recoup some of its losses. Recent sales of the shoes left over from the abandoned collaboration with Ye, the rapper formerly known as Kanye West, should reduce Adidas’ expected operating loss to $498.3 million, the company said in a statement on Monday. Adidas announced some of their Yeezy inventory was available for sale in a statement in May. In addition to the lower operating loss, the potential write-off for remaining Yeezy inventory decreased to $443 million. These sales only included some of Adidas’ Yeezy leftover inventory, and the company said in the statement this may be the first of many for the discontinued shoe.

Persons: CNN —, Ye, Scott Olson, “, Bjørn Gulden Organizations: CNN, Adidas, Getty

☆ Adidas and Yeezy staff were told to carry on as usual and ignore Kanye West's antisemitic rants, new report says
▼ + stars: | 2023-05-25 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Adidas and Yeezy staff were told to carry on as usual after Kanye West made antisemitic comments. A new Bloomberg report sheds light on the unraveling of the Adidas-Yeezy partnership. One unnamed source told Bloomberg that after Kanye West – now known as Ye – made antisemitic comments that led him to be suspended from Twitter and Instagram, Adidas was slow to react. Yeezy and Adidas workers were reportedly told "to keep working as if nothing unusual was happening," Bloomberg's Eugene Kim and Tim Loh wrote. "I can say antisemitic things and Adidas can't drop me.

☆ Adidas is re-releasing a popular Yeezy from the past
▼ + stars: | 2023-05-22 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Now, we know the Yeezy Boost 350 "Pirate Black" will be the first to come back on the market. Stadium GoodsThe Yeezy Boost 350 "Pirate Black" was last released in 2016 during the peak of Adidas Yeezy hype. At the time, Adidas produced limited pairs of Yeezys, which fueled consumer demand for models like the Yeezy Boost 350 and Yeezy Boost 750. The "Pirate Black" Yeezy Boost 350 sneakers are one of many Yeezys coming back beginning at the end of May, according to Adidas. Others include popular colorways like the Yeezy 350 V2 "Zebra" and the Yeezy 500 "Utility Black."

☆ Adidas will finally start to move its $1.3 billion mountain of unsold Yeezy sneakers within days
▼ + stars: | 2023-05-20 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Adidas will start offloading its Yeezy stock worth $1.3 billion at the end of May. The company plans to donate proceeds to nonprofits including one run by the sister of George Floyd. Adidas struggled to work out what to do with Yeezy stock after severing ties with Kanye West. In a statement Friday, the company said it would release an initial batch of Yeezy stock at the end of May. "At a time when antisemitism has reached historic levels in the US and is rising globally, we appreciate how adidas turned a negative situation into a very positive outcome," he said, per the Adidas statement.

☆ Adidas will sell Yeezy shoes after all
▼ + stars: | 2023-05-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Adidas has decided what it’s going to do with its unsold Yeezy merchandise. It had been under pressure from investors to determine what to do with merchandise after Adidas terminated its partnership with Ye, formerly known as Kanye West. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros ($441 million), Adidas said during its earnings last week. Adidas said it “rejects these unfounded claims and will take all necessary measures to vigorously defend ourselves against them.”

☆ Ex-Yeezy COO says it's a 'smart move' for Adidas to sell leftover stock and donate proceeds to charity
▼ + stars: | 2023-05-11 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The former COO of Yeezy says it's a "smart move" for Adidas not to burn leftover Yeezy stock. Adidas said Thursday it'll sell its Yeezy stock and donate profits to charities hurt by Kanye West. Udi Avshalom, who worked at Yeezy between 2017 and 2022, told Insider that Adidas is making a "smart move." "I think Gulden's decision to donate to charities represented to those hurt by Ye's comments is proper," Avshalom, who is Jewish, told Insider. Adidas pulled the plug on its Yeezy partnership in October as a result of West's anti-semitic remarks on Twitter.

☆ Adidas’s New CEO Shows Good Form
▼ + stars: | 2023-05-05 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Adidas Chief Executive Bjørn Gulden joined in January after the company suffered some major injuries. Photo: Marco Rosi/Getty ImagesAdidas ’s new chief executive officer, Bjørn Gulden , can’t quite hit the ground running yet, but his first move—setting a low bar—is turning out to be a pretty solid strategy for the company’s stock. These are still early days for the new CEO, who joined in January after the company suffered some major injuries: The fallout with Chinese consumers in 2021 from a dust-up over Xinjiang forced-labor allegations, and then a breakup with Kanye West last year. Mr. Gulden called 2023 a year of transition before the company can hit its stride again. One key goal is to reduce inventories—especially the piles of Yeezy products that Adidas has left over from its terminated partnership with Mr. West—and to lower discounts.

☆ Adidas still doesn't know what to do with its $1.3 billion mountain of unsold Yeezy stock, 6 months after cutting ties with Kanye West
▼ + stars: | 2023-05-05 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Adidas doesn't know what to do with its mountain of Yeezy stock. The company cut ties with Ye, formerly known as Kanye West, in October after a string of controversies, including numerous antisemitic comments. Adidas said it has already factored a 1.2 billion euro ($1.3 billion), sales loss into its annual guidance if it were not to sell the stock. "You cannot sell Yeezy for reputational risk reasons. Experts say that way around this could be to deface these products before donation to curb their resale value, though it would cost Adidas more.

☆ Adidas wants to move on from the Kanye West scandal, but investors are angry and suing
▼ + stars: | 2023-05-01 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

Investors sued Adidas over its failed Kanye West deal, arguing it didn't properly manage the risk. In the lawsuit, investors claimed Adidas "ignored serious issues" with regard to Ye's "extreme behavior," and didn't properly manage the resulting risks, including with inventory. If certified, the lawsuit would proceed on behalf of investors who purchased shares of Adidas between May 3, 2018, and February 21, 2023. In the wake of splitting with Ye, Adidas, under new CEO Bjørn Gulden, is focusing more on sports, including basketball and soccer, as Gulden works to reset the brand. The organization purchased 2,837 shares of Adidas stock in early 2022 for more than $350,000, according to an exhibit attached to the lawsuit.

☆ Beyoncé's time with Adidas is reportedly over
▼ + stars: | 2023-03-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

The Hollywood Reporter on Thursday reported that Beyoncé and Adidas are ending their partnership. The Wall Street Journal recently reported on the struggles of her Ivy Park Adidas line. In 2018, Beyoncé partnered with Adidas to bring her Ivy Park line to the brand. While Beyoncé remains one of the world's most admired performers, her apparel line with Adidas hasn't lived up to expectations. The Hollywood Reporter wrote that there have been "major creative differences between Ivy Park and Adidas."

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