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Top related persons:
Ye - 2 Harm Ohlmeyer - 2 “ - 1 ” Adidas - 1 Bjørn Gulden - 1 Olesya Dmitracova - 1 Bjorn Gulden's - 1 Gulden - 1
Top related locs:
North America China Garden City , New York U.S Greater China Shanghai
Top related orgs:
Adidas - 2 London CNN - 1 FX - 1 JD - 1 Citi - 1 Foundation - 1 Combat - 1 Defamation League - 1

Search resuls for: "Harm Ohlmeyer"


13 mentions found


☆ 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 turnaround gathers pace as Yeezy boosts margins
  + stars: | 2023-08-03 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com   time to read: +4 min
Adidas has to manage Yeezy drops very carefully, Gulden said, adding that the company's guidance was conservative. Adidas' 2023 outlook does not include the second Yeezy release, which is being sold through retailers as well as Adidas' own channels. JD Sports (JD.L) said it had started selling Yeezy shoes from the second drop on Wednesday. Citi analysts expect further Yeezy drops to generate 1.5 billion euros ($1.64 billion) in revenues and 700 million euros in earnings after Adidas' planned charity donations. Adidas donated 10 million euros in the second quarter and set aside 100 million euros for further donations to charities including the Foundation to Combat Antisemitism and the Anti-Defamation League.
Persons: Bjorn Gulden's, Ye, Gulden, Harm Ohlmeyer, Kanye West, Shannon Stapleton, Zuzanna Pusz, Pusz, Liu Qingyi, Shuting Qiu, Helen Reid, Mark Potter, Jan Harvey, Alistair Bell Organizations: FX, Adidas, JD, Citi, Foundation, Combat, Defamation League, ADIDAS, REUTERS, UBS, North, Thomson Locations: Garden City , New York, U.S, Greater China, China, Shanghai, North America
☆ Investors Sue Adidas Over Kanye West Collaboration
  + stars: | 2023-05-01 | by ( Joseph De Avila | ) www.wsj.com   time to read: 1 min
Kanye West had produced the popular Yeezy collection for Adidas. Photo: Neilson Barnard/Getty Images for AdidasA group of shareholders is suing Adidas AG, alleging the sportswear company failed to warn investors it was aware of Kanye West’s antisemitic remarks and “extreme behavior.”The proposed class-action lawsuit, filed in U.S. District Court in Oregon on Friday, alleges former CEO Kasper Rorsted and Harm Ohlmeyer , the company’s chief financial officer, were involved in disseminating false and misleading statements about Adidas’s relationship with Mr. West, who legally changed his name to Ye.
☆ 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.
☆ Yeezy fallout could push Adidas into its first annual loss in 31 years
  + stars: | 2023-03-08 | by ( Anna Cooban | ) edition.cnn.com   time to read: +2 min
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.
☆ Ye’s Yeezy clothing brand owes California $600,000, according to state tax liens
  + stars: | 2022-12-07 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Ben Goggin | ) www.nbcnews.com   time to read: +8 min
The records, a series of state tax lien notices from the last two years, show the state of California claiming that Yeezy Apparel, a company managed and reportedly owned by Ye, owes over $600,000 in unpaid tax debt. Four tax law experts said the amount owed by Yeezy Apparel is significant and could be a sign of deeper issues at the company. “Multiple California tax liens, adding up to $600,000, that’s certainly a sign of either extreme incompetence or extreme cash problems,” said USC Gould School of Law Professor Edward McCaffery, who specializes in tax law. Yeezy Apparel has been operating in California since 2017, according to public California business records, and was recorded as being active and in “good” standing in an annual filing in January. “Tax lien indicates that the state maintains that a debt is owing to the state,” LoPucki said.
☆ Adidas to Sell Shoes Based on Yeezy Designs Following Break With Kanye West
  + stars: | 2022-11-09 | by ( Nick Kostov | Joshua Kirby | ) www.wsj.com   time to read: 1 min
Adidas AG said it would start selling shoes based on Yeezy designs in a bid to rebound after scrapping the lucrative partnership with musician and designer Kanye West that had spawned one of the company’s most successful product lines. Finance chief Harm Ohlmeyer said the sporting-goods giant was the sole owner of all rights to existing products, except from the Yeezy name, and that the company intended to make use of those rights as early as the end of next year.
☆ 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.
☆ Kanye West's worst nightmare is coming true — Adidas plans to sell Yeezys under new branding
  + stars: | 2022-11-09 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +3 min
On an earnings call Wednesday, Adidas said it plans to release more Yeezys under its own branding. "I'm not standing for this blatant copying no more," he wrote on Instagram reacting to images of the Adidas Adilette slide. On a Wednesday call to discuss quarterly earnings, Adidas Chief Financial Officer Harm Ohlmeyer reiterated the company owns the designs it made in partnership with Ye. Pressed during a subsequent Q&A with reporters, Ohlmeyer declined to elaborate on Adidas' plans, beyond repeating the company owns "all the versions and new colorways. An exception could be the Yeezy Slide, for which Ye owns the patent.
☆ Puma's Gulden to head rival Adidas from Jan. 1
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +2 min
"During his time as CEO of Puma, he revitalised the brand and led the company to record results," said Adidas supervisory board chairman Thomas Rabe. "The Supervisory Board is firmly convinced that Bjorn Gulden will lead Adidas into a new era of strength." Adidas has been looking for a successor to Rorsted, who had initially planned to leave his post in 2023, since August. Gulden had to leave his CEO position at Puma with immediate effect with the decision to move to Adidas; Arne Freundt was named the head of Puma with immediate effect on Tuesday. Reporting by Alexander Huebner, Writing by Miranda Murray, editing by Rachel More and David EvansOur Standards: The Thomson Reuters Trust Principles.
☆ Puma names new CEO with immediate effect as Gulden heads to Adidas
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Nov 8 (Reuters) - Puma brought forward the start date of its next chief executive on Tuesday, naming Arne Freundt as leader with immediate effect as rival Adidas confirmed that Bjorn Gulden would be its next head. Puma had announced last week that Gulden - who served as head of the sportswear maker since 2013 - would be leaving at the end of 2022, with Freundt initially set to start Jan. 1. Adidas has been looking since August for a successor to Rorsted, who had initially planned to leave his post in 2023. Adidas said its chief financial officer, Harm Ohlmeyer, would lead the company in the interim until Dec. 31, 2022. Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
☆ Puma names new CEO effective immediately as Bjorn Gulden heads to Adidas
  + stars: | 2022-11-08 | by ( ) www.cnbc.com   time to read: 1 min
Puma named Arne Freundt its new CEO effective immediately, as rival Adidas confirmed that Bjorn Gulden would be its next head. Puma had announced last week that Gulden — who served as head of the sportswear maker since 2013 — would be leaving at the end of 2022, with Freundt initially set to start Jan. 1. Gulden is now set to take over at Adidas from Jan. 1 after current CEO Kasper Rorsted mutually agreed with the supervisory board that he would step down and leave the company after Nov. 11, 2022. Adidas has been looking since August for a successor to Rorsted, who had initially planned to leave his post in 2023. Adidas said its chief financial officer, Harm Ohlmeyer, would lead the company in the interim until Dec. 31, 2022.
☆ 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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