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Kanye West appears to have confirmed reports that he is launching an adult entertainment studio. The rapper, now known as Ye, shared a now-deleted post about his new venture: "Yeezy Porn." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementYe, formerly known as Kanye West, appears to have confirmed reports that he's set to launch an adult entertainment site. The six-second clip featured a voice directing followers to "go to yeezy.com," while the screen read: "Yeezy Porn Is Cumming," Rolling Stone reported.
Persons: Kanye, Ye, He's, Stormy Daniels, , Cumming, Mike Moz, I've, it's, Moz Organizations: Service, Vixen Media, TMZ, Business, Adidas Locations: Chicago
Shares of Adidas jumped 6.3% on Wednesday after the company unexpectedly raised its full-year guidance and reported a year-on-year profit increase in the first quarter. Operating profit for the year is now expected to reach around 700 million euros ($745 million), Adidas said in its unscheduled trading update published late on Thursday. It had previously forecast operating profit near 500 million euros. Adidas has been selling off its Yeezy inventory since breaking ties with Ye, the rapper formerly known as Kanye West. The company also said its first-quarter operating profit rose to 336 million euros, up from 60 million in the same period of last year, according to preliminary figures.
Persons: Ye Organizations: Adidas, Kanye Locations: Novato , California, German
Read previewA former employee of Kanye West's has accused the rap mogul of threatening the staff and students of his private Christian school, Donda Academy, according to a new lawsuit filed Tuesday. Representatives for Donda Academy, Yeezy, and a lawyer for West did not immediately respond to a request for comment from Business Insider. AdvertisementPhillips was hired shortly after West's business empire began to collapse following his repeated antisemitic comments on social media, in which he claimed he would go "death con 3" on Jewish people. But, despite his public apologies for the remarks, Phillips said West's antisemitic comments and praise of Hitler continued at work, sometimes within earshot of students. "Fearing for their jobs and also to de-escalate Kanye's absurdities (so that the two present school children did not hear), the school staff did their best to ignore him."
Persons: , Kanye West's, It's, Donda, Trevor Phillips, Ye, West, Hitler, Phillips, Kanye, Pablo, West's, Bill Gates, Carney, Shegerian Organizations: Service, Donda Academy, Business, Yeezy, West, Associates Locations: Paris, California . West
Ye, the rapper formerly known as Kanye West, was sued Tuesday by a former employee who accused him of discrimination and creating a hostile work environment by calling Adolf Hitler “great,” disparaging Jews and saying that “gay people are not true Christians.”The lawsuit was filed in Los Angeles Superior Court by Trevor Phillips, who says he was hired in November 2022, around the time a series of antisemitic remarks publicly made by Ye lost the artist his major-label record deal and put his businesses in jeopardy. Phillips was initially hired to oversee “projects related to growing cotton” and other plants in an effort to make Yeezy, Ye’s fashion brand, “self-sustainable,” the lawsuit said, and then went on to work for Donda Academy, Ye’s private school in Southern California. Phillips’s lawsuit claims that Ye made antisemitic comments in front of staff members at Donda Academy, including, “the Jews are out to get me” and “the Jews are stealing all my money.” After Adidas ended its decade-long partnership with Ye over his public remarks, the lawsuit claimed, the rapper told Phillips: “The Jews are working with Adidas to freeze up my money to try and make me broke!”
Persons: Ye, Adolf Hitler “, , Trevor Phillips, Phillips, Organizations: Los Angeles Superior, Donda Academy, , Adidas Locations: Los Angeles, Southern California
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 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
“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
Rapper Ye tore into Adidas in several Instagram posts on Monday evening, accusing his old sponsor-partner of selling "fake" Yeezys when the sportswear brand released a new version of the sneakers. This story is available exclusively to Business Insider subscribers. In a separate video post, Ye claimed that Adidas is suing him for $250 million and of "using contract clauses and 50 years of business experience to rape an artist." "I AM ADIDAS ADIDAS RAPED AND STOLE MY DESIGNS," Ye's Instagram caption partially said. AdvertisementThe press office for Adidas did not immediately respond to a request for comment sent outside regular business hours by Business Insider.
Persons: Ye, yall Organizations: Adidas, Business, The New York Times, ADIDAS ADIDAS, Defamation League, Keeta Floyd Institute for Social
It was Dolce & Gabbana. Beyoncé pictured wearing a Dolce & Gabbana mini dress at Wynn Las Vegas before ahead of Sunday's Super Bowl. Comprising an organza cape and catsuit covered in — you guessed it — Swarovski crystals, her stunning red ensemble was one of the evening’s best looks. But then it was back to Usher, who appeared at Keys’ piano in a crystal-embroidered custom D&G vest. “Jermaine Dupri was actually the first person who introduced me to Dolce & Gabbana,” Usher told Vogue magazine in a behind-the-scenes video of his final wardrobe fitting.
Persons: Travis Kelce’s, Taylor, Stefano Gabbana, Gaga, baring, Beyoncé, Bey, Usher, Michael Jackson, Kevin Mazur, Alicia Keys, Keys, Virgil Abloh’s, “ Jermaine Dupri, ” Usher, Organizations: CNN, Kansas City Chiefs, Hollywood, Kanye, Gabbana, Wynn Las, Sunday's, Wynn, Verizon, Vogue Locations: Italian, Wynn Las Vegas
Old Hollywood Glamour at the Gap?
  + stars: | 2024-02-09 | by ( Ruth La Ferla | ) www.nytimes.com   time to read: +1 min
On Monday Mr. Posen, 43, whose namesake brand ceased operations in 2019, was announced as the new creative director of Gap Inc. and the new chief creative officer of Old Navy. The designer known for pieces that evoke Golden Age Hollywood will “serve as cultural curator and creative partner,” Richard Dickson, the president and chief executive of Gap Inc., said in a news release. Nor is he the first star talent to be awarded a fancy title at Gap. Predecessors have included Patrick Robinson, who after a four-year stint was dismissed in 2011 and, more controversially, Ye, the rapper formerly known as Kanye West, whose Yeezy Gap partnership ended amid a scandal in 2022. And yet, the company still seems willing to bank on a “name” to help burnish its image.
Persons: Zac Posen, ” Richard Dickson, Posen’s, Patrick Robinson, Ye, West Organizations: Mr, Gap Inc, Old Navy, Target Locations: Posen
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 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
They create skateboarding and lifestyle shoes and hope to leave the company to their kids someday. The brothers, ages 50 and 41, respectively, have nearly 50 years of experience in the footwear industry between them, working at Vans, Converse, Supra Footwear, and Quiksilver, among others. AdvertisementBrandon: I had always drawn as a kid, but I didn't really take it seriously. Brandon: Of course, it'd be awesome to be a $200 million company, but do we need to grow it that big? Or do we need to grow it big enough to be a legacy company where eventually our kids work here with us?
Persons: Brandon, Josh Brubaker, , Clearweather, There's, We're, Josh, Nobody, It's Organizations: Footwear, Service, Clearweather Footwear, Vans, Converse, Supra Footwear, Nike, Adidas Locations: California, Quiksilver
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
But signs of a turnaround for its Old Navy division offered at least something to cheer about. Overall revenue in the quarter for Gap Inc. fell 7% in the period over last year to $3.8 billion. Store sales across its brands in the quarter dropped 6%, while companywide online sales slumped 8% over the same time last year. Looking at its individual brands, sales at Gap’s namesake stores tumbled 15% versus a year ago. Excluding the negative impact from the sale of Gap China and the shutdown of Yeezy Gap, net sales for Gap were down 6% versus last year.
Persons: retailer’s, Richard Dickson, Dickson, Mattel, Barbie, “ Barbie ”, , Neil Saunders Organizations: New, New York CNN, Old Navy, Gap Inc, Refinitiv, Old, Industry, Warner Bros . Pictures, Inc, GlobalData Locations: New York, China
Gap hasn't managed to reverse its ongoing revenue slump, but its same-store sales were far better than expected. Gap saw modest improvements at Old Navy and its eponymous banner. The brand saw strength in women's and kids, and an uptick in activewear. The brand is still reeling from the shutdown of Yeezy Gap and saw comparable sales decline 1%. Banana Republic: Sales at Banana, known for its workwear and going out pieces, fell 11% compared to last year to $460 million.
Persons: Richard Dickson, Dickson, I'm, we've, Katrina O'Connell Organizations: LSEG, Old Navy, Banana Republic, Mattel, CNBC, Navy Locations: Banana, activewear, Gap
Inventory levels were down 23% year-on-year at 4.85 billion euros ($5.18 billion), a little more than expected, Adidas said. Adidas' gross margin for the quarter was up 0.2 percentage points at 49.3%, helped by reduced freight costs and fewer discounts. "Adidas' competitive position compared to Nike is improving," said Robert Schramm-Fuchs, portfolio manager at Janus Henderson, which holds Adidas shares. "Adidas needs to earn back the shelf space, but I think they have the right product to do it," he said. Adidas' sales in Greater China grew by 5.7% in currency-adjusted terms, a slowdown after growth of 16.4% in the second quarter.
Persons: Tingshu Wang, Bjorn Gulden, Kanye West, Ye, Spezial, Gulden, Robert Schramm, Fuchs, Janus Henderson, Schramm, Adam Cochrane, Miranda Murray, Helen Reid, Maria Sheahan, Sherry Jacob, Phillips, Catherine Evans Organizations: Adidas, REUTERS, Apparel, Nike, Deutsche Bank . Currency, Reuters Graphics, Thomson Locations: Beijing, China, United States, North America, Greater China, Berlin
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
He also created an LLC under his initials in 2021, seemingly for the sole purpose of releasing Sterling's music. But since Sterling's death, Bolno has worked to distance himself from the tragedy and buff his reputation online. On June 29, 2023, three months after Sterling's death, Ozuna and Andino signed to SB Projects, Scooter Braun's management company. Since Sterling's death, Bolno has appeared to try to distance himself from the tragedy. However, in September, a message from Centeno's email address sent on behalf of Sterling's mother asked Insider to stop reporting on Sterling's death.
Persons: Camila Sterling, David Bolno, Scooter Braun's, Drake, Post, Bolno, Sterling, — who's, Daily Mail —, , Laura Camila Lozano Sterling, Selena Gomez, Enmanuel Hernández Rodriguez, Rodriguez, it's, Scooter Braun, Taylor Swift, Camila Sterling's, Shaun White, schmoozing, sunning, David Geffen's, he's, Will.i.am, Justin Bieber, hadn't, bigwig, He's, Mariah Carey, Braun, Ariana Grande, Demi Lovato, Scooter, who's, Scooter hasn't, Peter Comisar, Comisar, Michael Tran, Bieber, he'd, David Grutman, LIV, Grutman, she'd, I'm, David, Usher, Sterling's, John Parra, I'd, Nordhia Centeno, Laura Castellanos Torres, Edgar Andino, Andino, Sterling wasn't, Gabby, there's, Sterling texted, Escalade, Cartier Juste, Bruce Lehr, tusi, Fabio Cabrera, Ernesto Rodriguez, Evan Siegfried, Mickey Segal, NKSFB, Nubia Esperanza Sterling Artunduaga, Camila, Rocio Cruz Maldonado, Centeno, Marcie Stefan Organizations: Miami Beach, Daily Mail, Miami Beach Police Department, Puerto, Sterling, Trump, Intracoastal Yacht, Space, Miami Dade College, Puerto Rican, Pump, Miami, DTB Records, Spotify, Records, Temple Law School, Ithaca Holdings, luxe Paramount Miami, Studios, Bay Eight Recording Studios, YouTube, Zero, SB Projects, Paramount Miami Worldcenter, Representatives, Police, Unreal Mobile, Red Pocket, European Business, University of Locations: Post Malone, Miami, Sterling, Latin America, Colombia, Bogotá, American, Puerto Rican, Sunny, Moscow, Sunny Isles, Givenchy, Cuba, Los Angeles, Delaware, Puerto Rico, New York City, Medellín, Ithaca, Korean, Brentwood, North Miami, French Montana, Bolno's, Miami Beach, Jerusalem, Nubia
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 West was reportedly so difficult to deal with that it took a toll on the Adidas team working with him. A New York Times investigation found that the team had to have group therapy-like sessions to deal with the stress. AdvertisementAdvertisementMembers of the Adidas team working with Kanye West were given a subscription to a meditation app and regularly had group therapy-like sessions to deal with the stress of working with the rapper, a New York Times investigation found. They were also given a subscription to a meditation app and regularly held group therapy-like sessions, the outlet reported. In 2013, the year that Adidas and Ye unveiled their partnership, the brand's sales in North America were down 1%.
Persons: Kanye, , Ye, Hitler, Eric Liedtke, Liedtke Organizations: Adidas, New York Times, West, Service, Kanye, Times, TMZ Locations: North America
Even as they squared off in arbitration, Adidas and Mr. West came to an agreement that served their common interest. But most of the revenue would go to Adidas, and Mr. West was entitled to royalties. “Very unfortunate,” Mr. Gulden said, “because I don’t think he meant what he said.”Days later, Jonathan Greenblatt, the head of the Anti-Defamation League, posted online that Mr. Gulden had apologized for those remarks. “Our stance has not changed.”MethodologyThe grid at the top of this article includes most Adidas Yeezy releases between February 2015 and August 2023. the Yeezy Boost 380 Onyx and Yeezy Boost 380 Onyx Reflective).
Persons: West, George Floyd’s, Matt Powell, , Bjorn Gulden, Mr, ” —, Gulden, , Jonathan Greenblatt, Ye, ” Adidas, Joe Coscarelli, Julie Tate, Rumsey Taylor Organizations: The Times, Adidas, Mr, Defamation League Locations: StockX
Dov Charney is trying to prevent his Silver Lake mansion from being sold in bankruptcy proceedings. A sprawling, 20-room estate, the Garbutt House is located in the gated Hathaway Hills Estates community in a residential neighborhood of Los Angeles. The structure was built with its original owner's deathly fear of fire in mind, the Times reported. He declined to respond to the Times reporter's questions about the Garbutt House, calling the requests "audacious and impertinent." It remains unclear whether he lives or has lived at the Garbutt House.
Persons: Dov Charney, Milo Yiannopoulos, , Dov Charney slogs, Ian Connor, Milo Yiannopoulos —, Frank A, Charney, Connor, Brad Krasnoff, Krasnoff, Yiannopoulos, Eric Israel, Ye — Yiannopoulous, Bruce Marks Organizations: American Apparel, Service, Kanye West, Charney's, Los Angeles Times, Estates, Times, Los Angeles Apparel, Apex Locations: California, Hathaway, Los Angeles
Adidas shares jump after 2023 guidance raise
  + stars: | 2023-10-18 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A person looks at clothes in the Adidas store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsLONDON, Oct 18 (Reuters) - Shares in Adidas (ADSGn.DE) gained 4% at the open on Wednesday after the sportswear company raised its guidance for the year in a surprise third-quarter results pre-release. Adidas said it now expects a loss of 100 million euros ($106 million) this year versus a previously expected loss of 450 million and a loss of 700 million euros it warned of in February. It is the second time this year Adidas has raised forecasts ahead of results - expected on Nov. 8 - as sales of its remaining stock of Yeezy shoes helped boost revenue. Reporting by Helen Reid; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Andrew Kelly, Bjorn Gulden's, Ye, Bjorn Gulden, Graham Renwick, Helen Reid, Jason Neely, Louise Heavens Organizations: Adidas, Woodbury, REUTERS, Berenberg, Thomson Locations: Central Valley , New York, U.S, Europe, China
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