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☆ 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

☆ 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 and Adidas: Money, Misconduct and the Price of Appeasement
▼ + stars: | 2023-10-27 | by ( Megan Twohey | More About Megan Twohey | ) www.nytimes.com time to read: +3 min

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

The head of the Anti-Defamation League said in a post on X on Thursday that he was in touch with Adidas CEO Bjorn Gulden who apologized for his remarks about Kanye West and reiterated the sportswear company's fight to end antisemitism. “I think Kanye West is one of the most creative people in the world,” Gulden said in an episode released Sept. 12. “Very unfortunate, because I don’t think he meant what he said and I don’t think he’s a bad person. In a statement emailed to The Associated Press on Thursday, Adidas confirmed that the company had been in touch with ADL. 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.

Persons: Bjorn Gulden, Kanye, Jonathan Greenblatt's, Gulden's, Ye, “, Gulden, Greenblatt, ”, Ted Deutch, David Hamilton Organizations: Defamation League, Adidas, Associated Press, ” Adidas, Jewish, AP Locations: “, San Francisco

☆ 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

☆ Adidas signs $1.2 billion partnership with Manchester United
▼ + stars: | 2023-07-31 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Manchester United and Adidas are extending their apparel-sponsorship contract in a record-breaking £900 million ($1.2 billion) deal that lasts for another decade. Manchester United said on its website that the Adidas partnership has “excited fans around the world with forward-thinking initiatives, iconic designs on the pitch and fan-favorite culturewear off of it” and that new deal “increases the focus” on its women’s team for new apparel. “We are extremely proud to announce the extension of the contract with Manchester United,” Adidas CEO Bjorn Gulden said. “Adidas and Manchester United are two of the most important brands in international football and it is very natural for us to continue our cooperation.”Monday’s deal is a marked increase from the previous deal, which was worth around £750 million. Forbes ranks Manchester United as the world’s second most valuable team, assessing the 145-year-old team at to be worth $6 billion.

Persons: Bjorn Gulden, “, ”, Glazer Organizations: New, New York CNN, Manchester United, Adidas, British football, League, Nike . Manchester United, “ Adidas, Forbes Locations: New York, German

☆ 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 sued by shareholders over its failed Ye partnership
▼ + stars: | 2023-05-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

In the lawsuit, filed Friday in a federal court, shareholders allege that Adidas “routinely ignored” his behavior as early as 2018. They claim that senior executives “ignored serious issues” affecting the Yeezy partnership, namely his antisemitic remarks and troubling public comments about slavery. The lawsuit said that Adidas was aware of his behavior and that the company “failed to take meaningful precautionary measures to limit negative financial exposure” if the partnership ended. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. Days later, Ye said “I can say antisemitic s*** and Adidas (ADDDF) cannot drop me” during a podcast taping.

☆ Adidas says dropping Kanye West could cost it more than $1 billion in sales
▼ + stars: | 2023-02-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Adidas’ breakup with Ye, formerly known as Kanye West, is a pricey one. The company warned Thursday that it’s expected to lose $1.3 billion (1.2 billion euro) in revenue this year because it’s unable to sell the designer’s Yeezy clothing and shoes. Adidas said selling the sneakers under its own branding would save the company about $300 million in royalty payments and marketing fees. Other options including destroying it or donating unsold Yeezy clothing. Adidas said it also expects “one-off costs” of $213 million (200 million euro) because of a “strategic review” the company is currently undergoing.

☆ Premarket stocks: Share buybacks could beat last year's record $1.2 trillion
▼ + stars: | 2023-02-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Companies have announced about $175 billion worth of planned stock buybacks so far this year. This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices. ▸ GM (GM) just inked an exclusive deal for the hottest product in automaking: Semiconductors. The strong dollar is hurting multinationalsThe rip-roaring dollar cut deeply into the earnings of multinational companies selling their wares overseas last quarter. “We got hit with that.”McDonald’s (MCD) and 3M (MMM) also said in earnings reports that they were worried that the strong dollar would affect future sales.

☆ Adidas will continue to sell Kanye West’s shoe designs without the Yeezy name
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

But Adidas (ADDDF) will continue to sell the lucrative sneaker and apparel line, stripped of the Yeezy name and branding. The company said it’s the sole owner of all Yeezy line design rights for both existing and future colors and versions. The Yeezy line was a key product for Adidas and the fallout has hurt the company. He will have to find ways to replace Yeezy sales and turn around the brand. It would be a mistake for Adidas to continue selling the line, said Darcey Jupp, an apparel analyst at GlobalData.

☆ 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.

☆ People are urging Adidas to cut ties with Kanye West after his antisemitic comments
▼ + stars: | 2022-10-25 | by ( Morgan Sung | Morgan Sung Is A Trends Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

Adidas is facing increased pressure from people online to cut ties with Ye, formerly known as Kanye West, after he made a string of antisemitic comments. Ye announced last month that he had terminated his collaboration with Gap over disagreements over the distribution of Yeezy Gap. But several people online pointed out that Gap appears to continue to market the Yeezy Gap collection. Gap told CNN last month that it will continue to sell its existing merchandise from Yeezy Gap in its stores and on its website. It said it will also continue to sell forthcoming collections from Yeezy Gap in the fall and into the first half of 2023.

☆ Adidas terminates partnership with Kanye West
▼ + stars: | 2022-10-25 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Adidas said it will take a €250 million hit ($246 million) to its fourth quarter sales. Adidas has partnered with West since 2013, when the company signed his brand away from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and an athletic brand.”But Adidas put the “partnership under review” in early October after he wore a “White Lives Matter” T-shirt in public. “In the end, Adidas’ action sends a powerful message that antisemitism and bigotry have no place in society.”Shares of Adidas fell about 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its upcoming earnings report on November 9.

☆ Ye's ugly break-up with Adidas and Gap show the risks of celebrity partnerships
▼ + stars: | 2022-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The line also helped Adidas (ADDDF) get shelf space at major retailers and brought new customers into the stores who bought other Adidas (ADDDF) merchandise. Other fashion brands that bet on Ye, including Gap (GPS)and Balenciaga, have also ended their partnerships in recent weeks. The partnership with Ye and subsequent fallout highlights the risks of retail brands relying on celebrities to appeal to shoppers. A 2012 study published in the Journal of Advertising Research found that celebrity endorsements from athletes can increase a brand’s sales by 4%. Instead of pulling the plug on Ye immediately, Adidas’ slow response allowed anger and protests over the brand’s ties to him to grow online for more than a week.

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