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☆ Adidas’ retro-inspired shoes are flying off shelves
▼ + stars: | 2024-04-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Adidas’ Samba and Gazelle sneakers might look like they’re from another decade, but they’re the hottest shoes on sale right now. Buoyed by the strength of those shoes, plus higher demand for its running, basketball and soccer shoes, Adidas registered a net profit of about $182 million through the first three months of 2024 — a sharp reversal from the same time period last year when it reported a $26 million loss. In particular, sales in Europe soared 14%, and Adidas also had strong demand for its products in China and Latin America. “The markets are still volatile and not easy, but we feel we are making progress everywhere,” said Adidas CEO Bjørn Gulden in a release. Last year, Adidas slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, sluggish sales in North America and a huge tax bill.

Persons: Ye, ”, Bjørn Gulden, “ Organizations: New, New York CNN, Adidas, ’, Copa America, Rival Nike, German, soccer teams Locations: New York, German, Europe, China, Latin America, North America

☆ 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

☆ Adidas tests upper limit of running market with $500 shoe
▼ + stars: | 2023-09-26 | 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: +2 min

Adidas, its bigger rival Nike and other sports brands, have been locked in a "supershoe" war for years, since the first running shoes containing a thick, shock-absorbing foam and carbon fibre plate helping athletes run more efficiently, were released. At $500 a pair, the Adizero Adios Pro Evo 1 cost $225 more than Nike's equivalent Alphafly 2, raising the question of how many amateur runners will swallow the extra cost. "The price tag is just insane," said Harry Swinhoe, founder of Grove Lane Runners, an amateur running club in southeast London. "This is a shoe optimized for speed, versus durability," Adidas said. Assefa broke the world record by more than 2 minutes to finish in 2 hours, 11 minutes and 53 seconds.

Persons: Ethiopia's Tigist, Harry Swinhoe, Bjorn Gulden, Assefa, Helen Reid, Sharon Singleton Organizations: Adidas, Nike, Evo, Thomson Locations: Berlin, Lane, London

☆ Under Armour expects dull annual sales, profit as demand slows
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Under Armour Inc (UAA.N) forecast annual sales and profit below Wall Street expectations on Tuesday in a sign that persistent inflation was hampering demand and higher discounts were eating into profit margins, sending its shares down 5% before the bell. Footwear sales jumped 27%, while apparel rose just 1% and accessories fell 1%. The company expects fiscal 2024 net sales to be flat to slightly up, compared with analysts expectations of 3.7% growth. Under Armour also expects diluted earnings per share to be between 47 cents and 51 cents in 2024. Its net revenue rose 7.5% to about $1.40 billion in the quarter ended March 31 compared with analysts' average estimate of $1.36 billion.

☆ Under Armour sees 2024 sales, profit below estimates as demand slows
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Under Armour Inc (UAA.N) forecast annual sales and profit below Wall Street expectations on Tuesday in a sign that stubborn inflation was discouraging shoppers from spending on its athletic clothes and footwear. The company expects fiscal 2024 net sales to be flat to slightly up, compared with analysts expectations of 3.7% growth. Under Armour also expects diluted earnings per share to be between 47 cents and 51 cents in 2024. Analysts were expecting a profit of 61 cents, according to Refinitiv data. Reporting by Granth Vanaik in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Black Lives Matter dodges Adidas legal battle, but other brands using striped logos remain targets
▼ + stars: | 2023-03-29 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas has retracted its notice of opposition against Black Lives Matter trademarking its logo. But BLM's stripes are yellow as opposed to Adidas' black and white branding. In the notice of opposition, Adidas went into great detail about its 70-year history using the three-stripe mark in collaborating with artists and athletes. An Adidas spokesperson told Insider that it will withdraw its opposition to BLM registering its trademark "as soon as possible." Adidas has at least five pending cases involving its three stripes logo against companies like Elite Custom Wear, Equicor LLC, and Sol Echo.

☆ Beyoncé's time with Adidas is reportedly over
▼ + stars: | 2023-03-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

The Hollywood Reporter on Thursday reported that Beyoncé and Adidas are ending their partnership. The Wall Street Journal recently reported on the struggles of her Ivy Park Adidas line. In 2018, Beyoncé partnered with Adidas to bring her Ivy Park line to the brand. While Beyoncé remains one of the world's most admired performers, her apparel line with Adidas hasn't lived up to expectations. The Hollywood Reporter wrote that there have been "major creative differences between Ivy Park and Adidas."

☆ Nike and Adidas bet big on DTC over the past few years, but now both brands are pushing back into stores
▼ + stars: | 2023-03-10 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

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."

☆ Adidas' new CEO came out swinging during his first press conference, calling out Nike's lack of innovation and defending the three stripes
▼ + stars: | 2023-03-09 | by ( Danni Santana | Matthew Kish | ) www.businessinsider.com time to read: +6 min

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 is facing a problem even bigger than Yeezy
▼ + stars: | 2023-02-13 | by ( Danni Santana | Mary Hanbury | ) www.businessinsider.com time to read: +5 min

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.

☆ Under Armour boosts profit forecast as discounts spur demand
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Under Armour Inc (UAA.N) raised its annual profit forecast on Wednesday, sending shares up 8% premarket, after quarterly results got a boost from resilient consumer spending and deep discounts that reeled in holiday shoppers. It expects gross margin for the full year to decline at the higher end of its prior forecast of 375 to 425 basis points. A strong U.S. dollar and higher freight and manufacturing charges pushed down its third-quarter gross margins by 650 basis points to 44.2%. The Baltimore, Maryland-based apparel firm posted third-quarter adjusted profit of 16 cents, beating analysts' average estimate of 9 cents, according to Refinitiv IBES data. It expects adjusted profit of 52 cents to 56 cents per share for fiscal 2023, compared with its previous forecast of 44 cents to 48 cents.

☆ Beyoncé's line with Adidas is reportedly struggling, driving home the challenge of filling the $2 billion hole left by Kanye West's Yeezy line
▼ + stars: | 2023-02-08 | by ( Matthew Kish | Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

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.

☆ Struggling Under Armour turns to new CEO from Marriott as it strives to boost digital sales and compete with Nike
▼ + stars: | 2022-12-21 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

Under Armour on Wednesday named Stephanie Linnartz CEO. Linnartz, who most recently served as the president of Marriott International, also will be charged with rebuilding the company's relationships with consumers. New Under Armour CEO Stephanie Linnartz Courtesy Under ArmourIn a news release, Under Armour Executive Chair Kevin Plank credited Linnartz with leading Marriott's "multi-billion dollar digital transformation, driving scale through continuous brand innovation across the portfolio." At Marriott, Linnartz oversaw the company's Marriott Bonvoy membership program. Before serving as president of Marriott, Linnartz served as Marriott Group's president of consumer operations, technology and emerging businesses.

☆ Adidas needs Yeezy-like designs to thrive, but many sneakerheads say they're done with the brand
▼ + stars: | 2022-12-09 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

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.

CNN Business —Adidas will begin an investigation into allegations of misconduct against Kanye West, with whom the company had a partnership that it ended in October. In a statement released Thursday, Adidas said “it is currently not clear whether the accusations made in an anonymous letter are true. “I think Adidas felt like cause everyone was ganging up on me that they had the right to just take my designs,” West told a small crowd. In the video, West did not apologize for his antisemitic remarks but seemed to try to distance himself from any “hate group.”“I have no association to any hate group,” West said as he closed his remarks in prayer. 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.”West doesn’t currently have an attorney or publicist representing him in this matter.

☆ Adidas ends Ye deal over hate speech, costing rapper his billionaire status
▼ + stars: | 2022-10-27 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +4 min

Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month. "Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said on Tuesday. Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion. On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

☆ Adidas ends Kanye West partnership over antisemitism, hate speech
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

"Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said. Register now for FREE unlimited access to Reuters.com RegisterA lawyer representing Kanye West did not respond to a request for comment. Adidas put the partnership under review earlier in October "after repeated efforts to privately resolve the situation." Ye has courted controversy in recent months by publicly ending major corporate tie-ups and due to outbursts on social media against other celebrities. His Twitter and Instagram accounts were restricted, with the social media platforms removing some of his online posts that users condemned as antisemitic.

☆ Aaron Donald and Jaylen Brown leave Kanye West’s Donda Sports agency
▼ + stars: | 2022-10-25 | by ( Rob Mclean | ) edition.cnn.com time to read: +3 min

New York CNN Business —Two high profile athletes are leaving Kanye West’s sports agency, Donda Sports, in the wake of the artist and businessman’s repeated antisemitic statements. Aaron Donald, a star football player on the Los Angeles Rams, announced Tuesday that he is leaving the agency. On Monday, Brown told the Boston Globe that he planned to stick with the agency. “A lot of people that I work with, work with their families, build love and respect for, spending time in the summer. Recently, West said “I can say antisemitic s*** and Adidas cannot drop me,” during a tirade against Jews on the Drink Champs Podcast.

☆ 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.

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