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Adidas Yeezy is gone, but Adidas terrace shoes like the Samba and Gazelle can pick up the slack. "It's something that if we manage it correctly, can be millions and millions of pairs," he said. Adidas Sambas, Gazelles, and Spezial sneakers, what the company calls Terrace shoes, are having a moment. Gulden called Sambas, Gazelles, and Spezials a very fast-growing "franchise" for Adidas. "I think it's something that if we manage it correctly, can be millions and millions of pairs," Gulden told analysts. "
Adidas Yeezy is gone, but Adidas terrace shoes like the Samba and Gazelle can pick up the slack. "It's something that if we manage it correctly, can be millions and millions of pairs," he said. Adidas Sambas, Gazelles, and Spezial sneakers, what the company calls Terrace shoes, are having a moment. Gulden called Sambas, Gazelles, and Spezials a very fast-growing "franchise" for Adidas. "I think it's something that if we manage it correctly, can be millions and millions of pairs," Gulden told analysts. "
For the past several years, Nike and Adidas focused on direct sales. In December, Nike reported quarterly earnings that showed its wholesale business grew faster than its direct business. Since 2017, Nike's direct business has grown 106%, and its wholesale business has grown 11%. "The business model going forward, surprise, surprise, of course, will be more service-oriented towards wholesale," Gulden said on a subsequent call with analysts. "But I think the way we go to market, I think it will be more wholesale first and then (direct sales) afterwards."
New York CNN —Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. That represents a potential €500 million ($527 million) hit to the company’s bottom line. To his point, demand in the secondary resale market for Yeezy shoes is surging. Mocadlo said Impossible Kicks has about $2 million in Yeezy sneaker inventory currently, about 10,000 pairs. Prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform.
He stood up for Adidas' performance innovation pipeline while taking a shot at NikeAdidas is always compared to its larger rival Nike. But Gulden took issue with criticisms that Adidas is not innovating enough in its performance business. The Yeezy business is not coming backAdidas has not made a decision on what to do with its stockpile of Yeezys. Given Lorenzo's popularity, the underperformance of the Ivy Park line, and the end of Adidas' Yeezy business, Lorenzo could give the company a needed spark. Gulden took the stage Wednesday in front of a backdrop that featured Jesse Owens and Muhammad Ali, two sports icons and former Adidas athletes.
Adidas has many options on what to do about its Yeezy Inventory, though none are particularly good. CEO Bjørn Gulden told analysts that even donating Yeezys may be risky, as people could sell them. Adidas Samba Edward Berthelot/Getty ImagesThe question now is where Adidas goes from here in terms of generating brand heat. For Gulden, the answer could be Adidas classics, namely the Samba, but also silhouettes like the Gazelle and Spezial. "We currently have maybe the hottest shoe in the market… and it's the Adidas Samba," Gulden said.
Adidas split with Ye, formerly known as Kanye West, in October after he made antisemitic comments. On Wednesday, the company said it hasn't decided what to do with its remaining Yeezy inventory. But of late, the company's public statements seem to be leaning towards simply liquidating the remaining Yeezy inventory or destroying it. Regardless of what Gulden and Adidas decide to do with the remaining Yeezy inventory, it will likely be a challenging year. "There is no other Yeezy business in the market," he said.
Adidas on Wednesday reported a big fourth-quarter loss and slashed its dividend after the costly termination of its partnership with Kanye West's Yeezy brand in October. The German sportswear giant posted a fourth-quarter operating loss of 724 million euros ( $763 million ) and a net loss from continuing operations of 482 million euros. Adidas is projecting a full-year operating loss of 700 million euros in 2023, marking its first annual loss for 31 years. The estimate includes a hit of 500 million euros in potential Yeezy inventory write-off and 200 million euros in "one-off costs." The company said underlying operating profit will be "around break-even level," reflecting the loss of 1.2 billion euros in potential sales from unsold Yeezy stock.
The company broke off its lucrative nine-year partnership with Yeezy designer Ye, the rapper formerly known as Kanye West, in October. The rupture knocked around €600 million ($633 million) off the company’s fourth-quarter revenue, Adidas said Wednesday. But the controversy has appeared to fuel demand for Yeezy sneakers through other sellers. Adidas could perform better this year if it “repurposes” some of its Yeezy products, the company said without elaborating. “2023 will be a year of transition to set the base to again be a growing and profitable company,” Chief Executive Officer Bjørn Gulden said in a statement last month.
Nike's easy dominance of prominent sneaker releases in February is a sign of things to come. Consumers who bought Yeezys last year will likely switch over to Nike styles, one analyst says. Without a Yeezy business and amid ongoing struggles at Adidas, there is market share up for grabs. February is the first major month of the year for sneaker releases because of the NBA All-Star Game. "Looking ahead, Nike should benefit greatly from the lack of Adidas Yeezys in March," Nikic wrote, alluding to 11 different Yeezy styles that were released in 2022 compared to zero releasing this month.
Adidas expects sales to drop by $1.28 billion in 2023 if it doesn't sell leftover Yeezy inventory. The company's guidance began on a bleak note with revenue for the year expected to drop after ending its Yeezy partnership. Against this background, Adidas said it is forecasting a decline in the high-single digits in sales in 2023. "The sales decline is about more than just Yeezy," Bernstein analyst Aneesha Sherman wrote in a note to clients early Friday. Cowen estimates the brand earned $1.2 billion in sales last year before Adidas terminated the partnership in October.
Bjørn Gulden took the top job at Adidas at the start of the year, after leading a turnaround of crosstown rival Puma. Adidas AG shares dropped 12% after the German sportswear giant warned it could swing to a loss this year following the termination of its Yeezy partnership with rapper Kanye West. Adidas said late Thursday that it expected a sharp fall in sales for 2023 because of the impact of not selling existing Yeezy stock, and could post a loss if it failed to sell existing inventory.
"The numbers speak for themselves. We are currently not performing the way we should", Adidas CEO Bjørn Gulden said in a press release. Adidas could lose around 1.2 billion euros ($1.3 billion) in revenue in 2023 if it is unable to sell its existing Yeezy stock. "The numbers speak for themselves. Adidas' revenues increased 1% in 2022, based on unaudited numbers, while operating profit dropped from almost 2 billion euros in 2021, to 669 million euros in 2022.
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.
Adidas may lose over $700 million in operating profits in 2023 if it doesn't sell off excess Yeezys. Adidas has said it plans to sell Yeezys without Ye after the business relationship ended in October. According to a company statement Thursday, Adidas stands to lose over $750 million in operating profits in 2023 if it does not sell off excess Yeezy inventory. But fans of Adidas Yeezys are split on whether they would buy the shoes without a Ye connection. Adidas immediately brought its Yeezy business to a halt and asked wholesale partners to do the same.
The Wall Street Journal on Wednesday reported sales for the singer's Ivy Park Adidas line fell 50%. Adidas' struggles to gain traction with Ivy Park come after the brand cut ties with Kanye West. Sales of the Ivy Park line with Adidas decreased more than 50% to roughly $40 million last year, well short of the company's $250 million forecast, according to the Journal. The Adidas line with Ivy Park launched in 2020. The contract between Beyoncé and Adidas expires after 2023, according to the Journal, which reported Adidas has discussed ending or revising the deal.
New Adidas CEO Bjørn Gulden could reinvigorate the rivalry with Nike. Top of mind with stock pickers: Nike needs to shed inventory and get sales growing more in China. Where is the next leg of growth going to come from? Before the December earnings report, Simeon Siegel, managing director for equity research at BMO Capital Markets, told Insider Nike appeared to be turning a corner in China. Analysts also think new Adidas CEO Bjørn Gulden, who previously worked as CEO of Puma, could reinvigorate the rivalry with Nike.
3 things that should be worrying Nike
  + stars: | 2022-12-26 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +4 min
New Adidas CEO Bjørn Gulden could reinvigorate the rivalry with Nike. Top of mind with stock pickers: Nike needs to shed inventory and get sales growing more in China. Analysts are also wondering how much competition Nike will face from Adidas under its new CEO Bjørn Gulden. Before the December earnings report, Simeon Siegel, managing director for equity research at BMO Capital Markets, told Insider Nike appeared to be turning a corner in China. Analysts also think new Adidas CEO Bjørn Gulden, who previously worked as CEO of Puma, could reinvigorate the rivalry with Nike.
In a note, Cowen analysts said Adidas has "a path forward" in selling popular shoes without Yeezy. Some sneakerheads will give Adidas' new offerings a chance, while others plan to skip the releases. "Our checks suggest there is demand for Yeezy-like designs among the sneaker community, despite clear reputational risk, and we expect management to launch new styles without Yeezy branding," Cowen analysts said. Cowen analysts estimated Adidas also has several million units of Yeezy inventory in warehouses. The company has lost over $1 billion in annual profit in the region since 2019, Cowen analysts said.
Adidas announced an endorsement deal with Kanye West in November 2013. By 2019, Adidas sales of his Yeezy brand eclipsed $1 billion annually. Across the company, sales were flat. But that same month, Adidas announced a partnership with Kanye West, the polarizing musician and fashion designer, now known as Ye. Despite the turbulence, Adidas Yeezy sales continued to grow.
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 announced an endorsement deal with Kanye West in November 2013. By 2019, Adidas sales of his Yeezy brand eclipsed $1 billion annually. In November 2013, Adidas sales in North America, the most critical territory for sportswear sales, were down 1% for the year. But that same month, Adidas announced a partnership with Kanye West, the polarizing musician and fashion designer, now known as Ye. Despite the turbulence, Adidas Yeezy sales continued to grow.
Adidas Appoints Puma Boss Bjørn Gulden as New CEO
  + stars: | 2022-11-08 | by ( Joshua Kirby | ) www.wsj.com   time to read: 1 min
Adidas said over the summer that its CEO was leaving following a string of disappointing results and cuts to financial expectations. Adidas AG said it tapped Bjørn Gulden to take over as chief executive of the sportswear giant, luring the executive away from crosstown rival Puma SE . Adidas said last week it was in talks with Mr. Gulden as a possible successor to incumbent Adidas CEO Kasper Rorsted . Puma had earlier announced Mr. Gulden’s departure after nine years in charge.
Adidas Appoints Puma Boss Bjørn Gulden as CEO
  + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com   time to read: 1 min
Bjørn Gulden was chosen to be the chief executive of Adidas. Adidas AG said it tapped Bjørn Gulden to take over as chief executive of the sportswear giant, luring the executive away from crosstown rival Puma SE as it grapples with issues ranging from the future of its popular Yeezy sneaker brand to sliding market share in China. Adidas said last week it was in talks with Mr. Gulden as a possible successor to incumbent Adidas CEO Kasper Rorsted . Puma had earlier announced Mr. Gulden’s departure after nine years in charge.
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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