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☆ Maersk has ways to grow again despite headwinds
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Container ship "Evelyn Maersk" is loaded during snowfall at a container terminal in a harbour amid the coronavirus disease (COVID-19) pandemic, in Hamburg, Germany, April 6, 2021. Arch rival and privately-owned Mediterranean Shipping Company (MSC) is deploying cash reserves on acquisitions to diversify away from container shipping. Maersk also needs to strengthen its logistics and services unit, where organic revenue fell 19%, dragged down by lower retail demand, particularly in North America. Last year's purchases of Pilot and LF Logistics helped prop up the division, but Maersk needs to invest more. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evelyn Maersk, Fabian Bimmer, A.P, Moller, Boss Vincent Clerc, EBITDA, Clerc, Pamela Barbaglia, Pierre Briancon, Streisand Neto Organizations: REUTERS, Fabian Bimmer LONDON, Reuters, Maersk, Walmart, Nike, Unilever, CMA CGM, Mediterranean Shipping Company, LF Logistics, Twitter, Adidas, InBev, Thomson Locations: Hamburg, Germany, North America

☆ 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

☆ Adidas has around 100 stores left to get rid of in Russia, CEO says
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 3 (Reuters) - Adidas (ADSGn.DE) is still in the process of getting rid of around 100 stores as the German sportswear firm works towards a full wind-down of its business in Russia, CEO Bjorn Gulden said on Thursday. "We have about 100 stores that are not operational, and of course they have been offered on the market," Gulden told reporters on a call. "There is no timeline for that but right now we are paying the lease, so the earlier it happens the better." Adidas decided in October to permanently halt business in Russia, having closed all its stores and suspended online sales there in March last year after Russia invaded Ukraine. The company booked impairment losses of 94 million euros as a result, its annual report published in March 2023 showed.

Persons: Bjorn Gulden, Gulden, Helen Reid, Jason Neely Organizations: Adidas, Thomson Locations: Russia, Ukraine

☆ Yeezy destocking helps lift Adidas sales outlook
▼ + 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: +3 min

Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the second quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected. JD Sports (JD.L) said it had started selling Yeezy products from Adidas' second release of Yeezy shoes on Wednesday. Adidas said its 2023 outlook does not include the second Yeezy release. Citi analysts expect further Yeezy drops to generate 1.5 billion euros in revenues and 700 million euros in earnings after Adidas' planned charity donations. North America was the laggard, with sales dropping 16.4% in currency-neutral terms, which Adidas put down to high inventory levels there.

Persons: Kanye West, Shannon Stapleton, Bjorn Gulden's, Ye, Cristina Fernandez, Fernandez, Gulden, Liu Qingyi, Shuting Qiu, Helen Reid, Sonali Paul, Mark Potter, Jan Harvey Organizations: Adidas, REUTERS, FX, Foundation, Combat, Defamation League, Telsey, JD, Citi, North, Thomson Locations: Garden City , New York, U.S, New York, Greater China, China, Shanghai, North America

☆ Adidas and AB InBev influencer hangover may return
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

LONDON, Aug 3 (Reuters Breakingviews) - Adidas (ADSGn.DE) and Anheuser-Busch InBev (ABI.BR) are showing some unexpected resilience in the face of influencer trouble. Belgium beer producer AB InBev, meanwhile, grappled with a different influencer headache. The world's largest brewer experienced an April consumer boycott after picking transgender influencer Dylan Mulvaney to promote its popular Bud Light brew. And while AB InBev say 80% of its consumers still look favourably or are neutral on Bud Light, the brand was dethroned as the top selling U.S. beer in May. Still, Adidas trades at 10 times its forecast 2025 EBITDA, below its peer Nike's (NKE.N) 16 times, and AB InBev trails Heineken (HEIN.AS) by an even larger margin.

Persons: Kanye West, Ye, influencer Dylan Mulvaney, Bud Light, Karen Kwok, Lisa Jucca, Sharon Lam Organizations: Adidas, LONDON, Reuters, Anheuser, Busch InBev, InBev, Heineken, Twitter, Thomson Locations: Garden City , New York, U.S, Belgium, North America, Mexico

☆ 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

☆ Robinhood swaps meme-green tights for duller look
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Robinhood logo is seen on a smartphone in front of a displayed stock graph in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/NEW YORK, Aug 3 (Reuters Breakingviews) - Robinhood Markets (HOOD.O) is looking more grown-up - and more boring. The problem: Users are still fleeing, and nearly half of revenue comes from interest that is destined to fade. Robinhood warned last quarter that a 100 basis-point drop in interest rates would lead to a hit equivalent to an 11% fall in revenue. When the Federal Reserve eventually turns to cutting rates, Robinhood will need more users to fill that hole.

Persons: Dado Ruvic, Vlad Tenev, ” That’s, Robinhood, Ben Winck, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Reuters, Stock, Federal Reserve, Twitter, Adidas, InBev, Thomson

☆ Morning Bid: Markets brace for BOE as China PMI cheers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The BOE is leaning toward a 25 basis point hike after the inflation gods took some pity on the UK last month. Investors and economists will be sure to inspect the BOE's growth and inflation forecasts for indications of just how sticky the central bank thinks inflation has become. Not to be overshadowed by monetary policy, earnings reports roar back into focus on Thursday with Apple (AAPL.O) at the forefront. China kicks off a long line of PMI releases today with better-than-expected services activity, giving markets a bit of good news after disappointing data on Monday. In Japan, the stock market continued to feel the drag from U.S. chip firms on Thursday morning, with the Nikkei (.N225) seeing broad-based losses.

Persons: Hollie Adams, Brigid Riley, BOE, Jerome Powell isn't, hasn't, Stryker, Fed's Barkin, Jacqueline Wong Organizations: Bank of England, City of, REUTERS, Bank of, CPI, Reuters Graphics, ECB, Apple, Moderna, PMI, HK, Nikkei, Royce, Infineon, Adidas AG, BMW, Fed's, Thomson Locations: City, City of London, Britain, United States, China, Japan, U.S, Expedia, France, Italy, Sweden, Spain, Germany, Euro

☆ Adidas’s Sale of Yeezy Sneakers Brings in 400 Million Euros
▼ + stars: | 2023-08-03 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

The Yeezy sales added €150 million to Adidas’s operating profit for the first half the year, “an incremental amount,” the sportswear maker said. And Adidas reported a steeply lower operating profit for the half-year: €236 million, versus €828 million a year earlier. Adidas began selling its first batch of its remaining Yeezy shoe models in June. But Mr. Gulden refused to elaborate on how much the rapper was making from the sales. Adidas said it has set aside €110 million of its proceeds from the first sale of the Yeezy inventory to donate to organizations.

Persons: Ye, ” Bjorn Gulden, Gulden, “, ” Mr, Philonise Floyd, George Floyd, Robert K Organizations: Adidas, Defamation League, European Jewish Association, Keeta Floyd Institute for Social, Kraft, New England Patriots Locations: North America

☆ 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

☆ Manchester United sign $1.1 bln Adidas kit deal for 10 years
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Manchester United's Mason Mount in a preseason friendly, Manchester United v Olympique Lyonnais, in Murrayfield Stadium, Edinburgh, Scotland, July 19, 2023 Action Images via Reuters/Lee SmithJuly 31 (Reuters) - Manchester United (MANU.N) signed a 900 million pound ($1.1 billion) deal with Adidas (ADSGn.DE) on Monday, renewing the English soccer club's partnership with its official kit supplier for 10 more years. Manchester United, whose U.S. owners have been considering selling the Premier League club, will return to the lucrative UEFA Champions League this year after securing a top-four finish in the domestic league last season under manager Erik ten Hag. "The new deal increases the focus on the Manchester United women's team since their reintroduction in 2018," United said in a joint press release with Adidas. The new deal with Adidas, ahead of the 2023/24 Premier League season starting next month, will continue the partnership until June 2035, the northwest England-based club said. The original agreement with Adidas links a part of the yearly payments to the club's participation in the Champions League, according to the company's latest annual report.

Persons: Manchester United's Mason, Lee Smith, Erik ten Hag, Glazer, Qatar's Sheikh Jassim bin Hamad, Jim Ratcliffe, Bjorn Gulden, Yadarisa, Nivedita Bhattacharjee, Mark Potter Organizations: Manchester, Manchester United, Olympique Lyonnais, Adidas, soccer, Premier League, UEFA Champions League, Nike, Manchester United women's, Champions League, Champions, United, Thomson Locations: Murrayfield, Edinburgh, Scotland, Thani, British, England, Bengaluru

☆ Elon Musk just reinstated Kanye West's Twitter, or X, account 8 months after ban for offensive tweets
▼ + stars: | 2023-07-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Kanye West, legally known as Ye, has been reinstated on Twitter, or X as it is now known. West, known as Ye, was banned for a second time in December after a string of antisemitic remarks. Ye won't be able to monetize his account and ads won't be placed alongside his posts, reported the WSJ. According to the Wall Street Journal, Ye won't be able to monetize his account and advertisements will not be placed alongside his posts. Ye previously had his account restricted in October 2022 after making comments about Jewish people which breached the platform's guidelines.

Persons: Kanye, Ye, David . Ye, Alex Jones, Adolf Hitler, Elon Musk, X Organizations: Twitter, Service, Wall Street, Adidas Locations: West, Wall, Silicon

☆ Elon Musk reactivates Kanye West’s Twitter account following X rebrand
▼ + stars: | 2023-07-30 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —X, formerly known as Twitter, has reinstated Kanye West’s account on the social media platform. West will not be able to monetize his account, and no ads will appear next to his posts, the company told the Wall Street Journal on Saturday. The musician’s account was suspended in December for violating the platform’s rules on inciting violence. It’s not clear whether West submitted an appeal, or if something else prompted his account’s reactivation. CNN has reached out to Twitter and a representative for West but has not received a response.

Persons: Kanye, West –, Ye, West, David, Elon Musk, ”, Musk, It’s Organizations: CNN, Wall, Adidas, Twitter, West

☆ Musk's X social media platform reinstates Kanye West's account
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +2 min

July 29 (Reuters) - Social media platform X reinstated account of Ye, the artist formerly known as Kanye West, on Saturday, after it was suspended nearly eight months ago because the rapper had violated the platform's rules prohibiting incitement to violence. Ye's account now shows his last post from Dec. 1, a day prior to when his account was suspended on platform X, the new name owner Elon Musk has given Twitter. Ye won't be eligible to monetize his account on X, and advertisements won't appear next to his posts, the Wall Street Journal reported on Saturday, citing the social media platform. The social media platform did not immediately respond to Reuters' request for comment. After Ye went on a string of antisemitic rants in interviews and on social media he lost his partnership with Adidas (ADSGn.DE) and Gap (GPS.N) for Yeezy products.

Persons: Ye, Elon Musk, David . X, Musk, Donald Trump's, Trump, Baranjot Kaur, Alistair Bell Organizations: Wall Street, Reuters, Twitter, Adidas, Thomson Locations: Bengaluru

☆ Adidas clearing out more Yeezy shoes in second release
▼ + stars: | 2023-07-28 | by ( Parija Kavilanz | ) edition.cnn.com time to read: 1 min

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SummaryCompanies Casino cut supermarket food prices by 10% on averagePARIS, July 27 (Reuters) - Cash-strapped retailer Casino (CASP.PA) swung to a loss of 233 million euros ($258.5 million) for the first half as falling sales and price cuts at its hypermarkets and supermarkets dented its core French business. The French retailer's group operating loss came after a profit of 166 million euros in the first half of 2022, with its operations in France posting a loss of 299 million euros. Consolidated group net sales fell 1.2% like for like in the second quarter to 5.5 billion euros, with retail sales in France down 4.2%. "We don't intend to go further," Lubek said when asked about possible further price cuts. Group net debt at end June-2023 was 6.1 billion euros against 6.0 billion at end June-2022.

Persons: Daniel Kretinsky, Jean, Charles Naouri, David Lubek, Lubek, France's, Dominique Vidalon, Kim Coghill Organizations: Casino, Finance, Consolidated, Thomson Locations: PARIS, French, France, Lincoln

☆ Activewear and luxury brands are pushing ahead with Web3 innovation, while other marketers are still on the sidelines
▼ + stars: | 2023-07-27 | by ( Julia Hood | ) www.businessinsider.com time to read: +6 min

Many CMOs are not prioritizing Web3 right now thanks to the crypto crisis hangover, and inflation. However, some activewear and luxury brands are leveraging NFTs and the metaverse in ways other marketers can learn from. The crisis sapped the forward momentum of the emerging Web3 marketing landscape, where business leaders were eager to figure out how Bored Ape NFTs could translate to new channels to reach consumers. New tech for tech's sake is out of fashion; Web3 providers need to speak to the business problems that CMOs and their brands are facing. Moorut says that activewear and some luxury brands are among the most advanced with Web3.

Persons: Byron Sorrells, what's, Sorrells, Marija Zivanovic, Smith, Matt Moorut, Moorut, they're, Nike It's, Web3 activations, Ledger, Marie Laffont, they've Organizations: Dispatch, IEX Group, Apple, Gartner, Web3, Nike, Adidas, Lacoste

July 26 (Reuters) - German sportswear retailer Puma (PUMG.DE) on Wednesday said second-quarter sales grew by 11%, slightly ahead of market expectations thanks to stronger revenues from Asia and Europe. "The macroeconomic environment and volatile retail demand remain challenging, particularly in North America and Europe, as recession risks weigh on consumer sentiment." Puma' sales came in at 2.12 billion euros ($2.34 billion) in the quarter, up from 2 billion a year earlier and above the 2.05 billion expected by analysts polled by Refinitiv Eikon. The company confirmed its full-year outlook for currency adjusted revenue growth in a high single-digit percentage rate, and an operating profit of between 590 million and 670 million euros. Operating earnings of 115 million euros for the quarter were down 21% from a year earlier but still above the 110 million expected by analysts.

Persons: Puma, Rihanna, Refinitiv Eikon, Linda Pasquini, Helen Reid, Milla Nissi, Jane Merriman Organizations: Puma, Super Team, Thomson Locations: Asia, Europe, North America, China, Frankfurt, Gdansk, London

☆ Want to start a side hustle selling on Amazon? An e-commerce expert shares his top advice for beginners, including how to select a product and where to spend your first $1,000.
▼ + stars: | 2023-07-26 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +11 min

If you're looking to make extra money on the side, selling products on sites like Amazon is one way to go. "We are essentially the plumbing for e-commerce brands that help get their product manufactured in Asia and keep their businesses running," he told Insider. Insider spoke to Walter about what successful e-commerce companies are doing right — and how anyone can launch one and start making money selling online. Once you actually start profiting from your first product — in this example, the bluetooth headphones — then you can start getting more creative, he noted. "If you're thinking about starting a brand, don't even consider starting a brand that you're going to be fulfilling yourself.

Persons: Tyler Walter, It's, Walter, They've, You've, you've, NurPhoto Organizations: Nike, Adidas, Walmart Locations: Asia, China, Vietnam, Thailand, Malaysia, Taipei, Taiwan, Orlando

☆ I'm a 22-year-old who made nearly $100K in revenue on Depop last year. Here's how I did it and my secret tips to sell successfully.
▼ + stars: | 2023-07-26 | by ( Aria Yang | ) www.businessinsider.com time to read: +7 min

Theresa Sobocinski is a 22-year-old product designer who made nearly $100K a year on Depop. She says few people know that constantly refreshing items on Depop is crucial to boosting sales. In that situation, you'll need to refresh to get it back up on the feed. If I'm selling a top, I'll usually pair it with a nice skirt or whatever looks good with the top. But you don't really need experience selling on other platforms to start a Depop.

Persons: Theresa Sobocinski, Poshmark, anyone's, Depop, what's, you've, Aria Yang Organizations: Service, Tiger, Adidas Locations: Depop, Wall, Silicon, Europe, It's

Puma is likely to benefit less from the trend than Adidas because its terrace range doesn't have as much name recognition, said Adam Cochrane, analyst at Deutsche Bank. Investors will be pushing Puma and Adidas on broader strategies to navigate weak consumer demand at second-quarter results on July 26 and Aug. 3 respectively. Adidas, however, has got a big boost from selling some of its stock of discontinued Yeezy shoes. On Monday it slashed its expected 2023 operating loss to 450 million euros from 700 million euros, citing unexpectedly strong Yeezy sales. "However, the cost to compete for sportswear brands is very high, and barriers to entry are low, making retailers quite vulnerable to 'boom and bust' cycles as trends change," said Aubin.

Persons: Benoit Tessier, Adam Cochrane, it's, Robert Schramm, Fuchs, Janus Henderson, Bjorn Gulden, Edouard Aubin, Morgan Stanley, Aubin, Helen Reid, Linda Pasquini, Susan Fenton Organizations: Adidas, REUTERS, Puma, Nike U.S, Nike, Google, Deutsche Bank, Investors, Defamation, Thomson Locations: Lafayette, Paris, France, U.S, China, North America, London, Gdansk

☆ Adidas up 6% after trimming 2023 loss forecast on strong Yeezy inventory sales
▼ + stars: | 2023-07-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

A fashion week guest seen wearing red Adidas yeezy shoes, outside paul and joe during London Fashion Week September 2022 on September 17, 2022 in London. German sportswear giant Adidas on Monday said it expects a significantly smaller operating loss for the year after recording better-than-expected early sales of its Yeezy stock, which it is offloading after cutting ties with collection creator Ye. The company also reported a slight outperformance in the underlying Adidas business and said it still expects underlying operating profit, excluding one-offs related to Yeezy and a wider ongoing strategic review, to roughly break even for the year. "If successful, potential future Yeezy drops would further improve the company's results," Adidas said in a statement, refering to further releases of existing inventory. That left the question of what the company would do with its existing Yeezy stock.

Persons: paul, Ye, David Swartz Organizations: Adidas, London, Defamation League, Keeta Floyd Institute for Social Locations: London, €

☆ Want an authentic Lionel Messi Inter Miami kit? You’ll have to wait until October
▼ + stars: | 2023-07-25 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —It’s easy to watch Lionel Messi play in the United States, but dressing like him is a bit more difficult. Fans hoping to purchase an authentic Inter Miami jersey featuring its newest star’s name will have to wait until mid-October (notably, that’s when the Major League Soccer season ends). Shortly after Messi announced his intention of coming to the US in June, online retailer Soccer.com said that it sold six months’ worth of generic Inter Miami jerseys in one day, and they’re still sold out. Messi maniaMessi’s first appearance with Inter Miami ended with him scoring the game-winning goal in extra time. His signing is also expected to be a boon for Apple’s nascent streaming package, MLS Season Pass.

Persons: New York CNN —, Lionel Messi, “, Messi, Soccer.com, they’re, Nathan Ray Seebeck, ” Billy Lalor, won’t, Lalor, ” It’s, Messi’s, ” Messi’s Organizations: New, New York CNN, Inter Miami, Major League Soccer, Adidas, MLS, Florida, USA, Sports, Reuters, CNN, Messi, FIFA, Apple TV, Sports Business, Atlanta United, Inter Miami’s Locations: New York, United States, Argentina

☆ 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 swamped with $565 mln in orders for unsold Yeezy shoes- FT
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks.

Persons: Ye, Kanye, Kanye West, Shannon Stapleton, Bharat Govind Gautam, Juby Babu, Savio D'Souza, Nivedita Organizations: Adidas, Financial Times, REUTERS, Thomson Locations: Garden City , New York, U.S, China, Bengaluru

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