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☆ Adidas is banning the number '44' on German soccer team jerseys over concerns that the design looks like the Nazi SS flag
▼ + stars: | 2024-04-02 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

People say it looks like a lightning bolt from the SS, a Nazi unit in World War II. Adidas said it's blocked fans from making jerseys with the "44," and an alternative design is being developed. AdvertisementAdidas has removed the option for fans to customize their soccer jerseys with the number "44" amid concerns that a design for the German national team resembles a Nazi symbol. Known widely as the SS, this unit was responsible for many of the war crimes and atrocities committed by Nazi Germany in World War II. DAMIEN MEYER/AFP via Getty ImagesAdidas told the BBC that the jerseys were designed by the German Football Association and weren't intentionally made to look like the SS logo.

Persons: it's, —, Adolf Hitler, Michael König, DAMIEN MEYER, weren't Organizations: German, soccer, SS, Nazi, Adidas, Service, German Football Association, Schutzstaffel, Getty, BBC, Union of European Football Associations, Nike, Business Locations: Nazi Germany, Germany, Nazi SS, Ploeuc, Saint, France, Herzogenaurach

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

☆ 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

FRANKFURT, Germany (AP) — Adidas said it might have to write off the remaining 300 million euros ($320 million) worth of Yeezy shoes left unsold after it cut ties with rapper Ye, formerly known as Kanye West. The company included the possible write-off of the remaining Yeezy inventory in its outlook Wednesday for its earnings this year, narrowing its expected loss to 100 million euros from an earlier prediction of 450 million euros, thanks in part to the earlier two releases of Yeezy shoes. CEO Bjorn Gulden, who took over after the Yeezy breakup, is leading an effort to recover from the loss of the profitable Yeezy business. He declined to say what the company would do with the shoes if they remain unsold. The breakup with Ye left the company, based in Herzogenaurach, Germany, with 1.2 billion euros worth of unsold Yeezys and searching for a responsible way to dispose of them.

Persons: —, Ye, Philonise Floyd, George Floyd, Bjorn Gulden, Gulden, ” Organizations: — Adidas, Kanye, Adidas, Defamation League, Keeta Floyd Institute for Social Locations: FRANKFURT, Germany, Israel, Gaza, Herzogenaurach

☆ Meet the typical Adidas US customer, a 20-something who earns just under $100,000 and looks to Adidas for fashion and fitness apparel
▼ + stars: | 2023-04-05 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas in 2022 reported $24.6 billion in sales across footwear, apparel, and sporting equipment. Adidas' typical customer is a millennial and Gen Z customer earning just under six figures. Today, Adidas employs over 59,000 workers and in 2022 reported $24.6 billion in sales, across categories like footwear and apparel. The typical US Adidas customer earns a mid-to-high average income of between $75,000 and $99,000, according to Start.io, a mobile marketing platform that helps partners serve relevant ads on their apps. "They're following the same lines in terms of fashion and sport," Omri Barnes, chief marketing officer at Start.io, told Insider.

Gulden said Adidas was still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. REUTERS/Shannon Stapleton 1 2 3The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. That, along with $200 million of one-off costs, would bring Adidas to a $700 million loss this year.

☆ Adidas Slashes Dividend as Problems Mount
▼ + stars: | 2023-03-08 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said that revenues would decline by a single-digit percentage amount in 2023. HERZOGENAURACH, Germany—A slump in China and a $6 billion mountain of unsold products are among the challenges facing Adidas AG after a bruising 2022 in which it dumped its chief executive and ended a partnership with rapper Kanye West. The German sportswear giant’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. For the fourth quarter, Adidas slumped to a €482 million loss and slashed its dividend. The results out Wednesday largely confirmed preliminary figures from the company’s profits warning in February.

☆ Adidas CEO promises turnaround after costly Yeezy split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +5 min

Gulden said Adidas is still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. In the fourth quarter of last year, currency-neutral revenue declined by 1%, taking into account a 600-million-euro loss after it stopped selling Yeezy shoes.

☆ Adidas Profit Falls 83% After Split With Yeezy
▼ + stars: | 2023-03-08 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said that revenue would decline by a single-digit percentage amount in 2023. HERZOGENAURACH, Germany— Adidas AG is facing a slump in China and $6 billion of unsold inventory, adding to its challenges after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West. The German sportswear maker’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend almost 80%.

☆ Adidas scoops up CEO who turned around rival Puma
▼ + stars: | 2022-11-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN Business —Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas (ADDDF) on January 1, 2023, the German sportswear brand said in a statement on Tuesday. “As CEO of Puma, he re-invigorated the brand and led the company to record results,” Rabe added. Gulden takes over amid a deepening slump in Adidas’ home market of Germany and as inflation begins to weigh heavily on consumer spending globally. Chief financial officer Harm Ohlmeyer will lead Adidas until Gulden takes over.

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