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☆ Adidas Profit Falls 83% After Split With Yeezy
▼ + stars: | 2023-03-08 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Adidas said that revenue would decline by a single-digit percentage amount in 2023. HERZOGENAURACH, Germany— Adidas AG is facing a slump in China and $6 billion of unsold inventory, adding to its challenges after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West. The German sportswear maker’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend almost 80%.

☆ Adidas warns of first annual loss in three decades and cuts dividend after Ye split
▼ + stars: | 2023-03-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

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.

☆ 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.

☆ Adidas CEO worries donated Yeezy's would end up being resold: 'They will come back'
▼ + stars: | 2023-03-08 | by ( Danni Santana | ) www.businessinsider.com time to read: +4 min

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, burnt by Kanye West split, seeks a new focus
▼ + stars: | 2023-03-08 | by ( Helen Reid | ) www.reuters.com time to read: +4 min

[1/2] 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. Speaking to reporters on Wednesday, Gulden said Adidas would keep partnering not just with athletes but celebrities and artists. "You build credibility as a performance brand by being with athletes, but there's very few athletes that you can do lifestyle with." Gulden did, however, hint at a change of emphasis at Adidas, saying the company needs to refocus on its core. The Jordan brand brought in $5.1 billion of sales in Nike's 2022 fiscal year, up 7% from 2021, according to the company's 2022 annual report.

☆ Adidas hasn't decided whether it's going to take a $526 million hit from not selling remaining Yeezys
▼ + stars: | 2023-03-08 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

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.

☆ Departure of CEO to cost Adidas 16 million euros
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 8 (Reuters) - The early departure of CEO Kasper Rorsted will cost Adidas (ADSGn.DE) nearly 16 million euros ($16.86 million), according to an annual report released on Wednesday. The Danish national, who left the German sportswear maker in November almost four years before the end of his contract, will receive a severance payment of 12 million euros. In addition, he will receive around 3.6 million euros as compensation for not joining a competitor within the next 18 months, as well as his remaining salary of around 300,000 euros for November and December. The latter totaled 14.2 million euros a year earlier. ($1 = 0.9490 euros)Reporting by Alexander Huebner, Writing by Friederike Heine, Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Jerome Powell isn't winning any popularity contests among investors as markets booed his testimony on Tuesday
▼ + stars: | 2023-03-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot. The market response to Powell's testimony was anything but muted. The idea is to eventually lower inflation — which most recently clocked in at 6.4% — but the more rate hikes we see, the greater the risk of a recession. So in short: stocks sold off, bond yields jumped, and traders eyed greater potential for a bigger rate hike this month. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said.

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Earnings Exchange: CRWD, BF.B & ADS
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: CRWD, BF.B & ADSGina Sanchez, Lido Advisors chief market strategist, joins ‘The Exchange’ to discuss three companies reporting earnings later today: Crowdstrike, Brown-Forman and Adidas.

☆ An Amazon seller with over $200 million in sales shares 9 tips for picking a sell-out product
▼ + stars: | 2023-03-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

For some, selling products as a side hustle and making an extra $2,000 a month is perfect. If you're selling as a side hustle, a simple Amazon search is enough to collect data, he noted. It indicates a product's sales velocity or how well its selling: the lower the rank, the better it sells. Most seasoned sellers have a general sense of how a product's sales rank converts to sales over time. As a private label seller, Needham avoids selling products that have been monopolized by big, household brands.

☆ Balenciaga spotlights craft at first runway show since ad controversy
▼ + stars: | 2023-03-05 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

PARIS, March 5 (Reuters) - French luxury group Kering's fashion house Balenciaga shifted the focus to fashion construction Sunday for its first catwalk show since a backlash from an advertising campaign last year. The label, which was criticised for a campaign featuring imagery of children, showed a lineup of distinctive tailoring, body-hugging silhouettes with hulking shoulders and full-length, glittering evening wear on a white-carpeted runway in Paris. "Being able to make this happen was a challenge that I knew I had to face," Balenciaga designer Demna Gvasalia, known as Demna, told journalists backstage after the show. "I wanted exactly to make it to be able to move on and do what I do best, which is making clothes," he said. The designer and Kering executives have apologized for an advertising campaign that drew criticism for featuring imagery of children that many considered inappropriate.

☆ Nike, loaded with new products, is already reaping the benefits of Adidas' struggles after the abrupt end of its Yeezy business
▼ + stars: | 2023-03-03 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

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.

☆ The Fed and a big jobs report could drive the market in the week ahead, as investors watch rates
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

The seesaw-like tension between interest rates and stock prices should remain in play in the week ahead, as investors focus on comments from Federal Reserve Chairman Jerome Powell and the February employment report. There are few earnings in the week ahead, so economic data will likely be a main driver for stocks, along with the comments from Powell. The futures market is pricing in a high chance for a quarter point, or 25 basis point hike in March. Week ahead calendar Monday Earnings: WW International, ThredUp, Trip.com, Lordstown Motor, Ciena, Grindr 10:00 a.m. Initial claims 10:00 a.m. Fed Vice Chair for Supervision Michael Barr Friday Earnings: Embraer 8:30 a.m. Employment report 2:00 p.m. Federal budget

☆ Vietnam factory output up in Feb despite drop in smartphone production
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

But indicating the caution among factory managers amid an uncertain global outlook, production of smartphones and cellphone parts, of which Vietnam is one of the world's biggest producers, fell despite a rise in exports. The country's statistics agency said on Tuesday that Vietnam's exports rose 11% in February from a year earlier and industrial output increased 3.6% in the same month. In the first two months of the year, industrial production was down 6.3% compared to the same period last year. Footwear production rose by nearly 19% in February on the year and exports climbed 4.1%, after a big fall in January. In total, Vietnam's exports rose sharply in February to $25.88 billion, after a 21.3% fall in January.

☆ I started selling shoes on Goat to fund my sneaker addiction. Here's why I prefer it to Poshmark despite the high fees.
▼ + stars: | 2023-02-28 | by ( Danni Santana | ) www.businessinsider.com time to read: +8 min

I started reselling used sneakers in the summer of 2022 to more easily afford my sneaker addiction. In other words, I started monetizing my used sneaker collection for extra cash to buy new shoes. But I'm keeping my options open, especially if StockX begins to allow the sale of used shoes. I'll certainly take advantage of their periodic promotions on seller fees that I've seen be up to 50% off in the past. The platform offers an easy way to sell shoes quickly that you barely wear or have buyer's remorse over.

☆ Yeezys are still in high demand on the secondary market despite Ye's fallout with Adidas
▼ + stars: | 2023-02-27 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Demand for Yeezy sneakers remains high on the secondary market. Impossible Kicks has seen a 30% increase in demand since October, according to CNN Business. But demand for his Yeezy sneakers remains high. Unconfirmed rumors are also swirling around social media that Adidas and Ye may again be joining forces to sell the leftover stock. An Adidas spokesperson declined to comment, adding the company's update on February 9 is the latest it has to share.

☆ Yeezy sneakers in hot demand on resale platforms even after Kanye West's anti-semitic remarks
▼ + stars: | 2023-02-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Yeezy sneakers currently are among the top three sellers on Impossible Kicks, a large online reseller of high-end sneakers and clothing that has 17 store locations in the United States. He said Yeezy sneakers are among the top three most-popular brands on the platform after Jordans and other Nike footwear, including Dunk and Air Max shoes. Impossible Kicks, seller of high-end sneakers, said demand for Yeezy sneakers is up 30% since last fall. So now prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform. “Since the start of the year, the average price of Yeezy sneakers has increased but sales overall have decreased on StockX,” Drew Haines, director of sneakers and collectibles at StockX, told CNNBusiness.

☆ The Russia-Ukraine war will continue into 2024 and any definitive outcome has risks, a veteran investment chief and former Moscow-based journalist says
▼ + stars: | 2023-02-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Rhys Williams, chief investment officer of Spouting Rock Asset Management. Spouting RockRhys Williams is the chief investment officer at Spouting Rock Asset Management. Phil Rosen: What are the implications for financial markets of Russia's war on Ukraine? What do you think of Williams' insights on markets and the Russia-Ukraine war? The Reddit-loving day traders are back in a big way, piling record amounts of cash into stocks to start the year.

☆ Ex-basketball star thought Nike and Adidas weren't doing enough for Black people—so he built a $30 million competitor
▼ + stars: | 2023-02-24 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +2 min

Lanny Smith wants someone to challenge sportswear giants like Nike, Adidas and Reebok — so much that he's trying to do it himself. Smith, 38, is the founder and CEO of Actively Black, the sportswear company he launched in 2020 in the wake of George Floyd's death. Today, Actively Black is a multimillion-dollar brand, reportedly valued at $30 million in 2021. NBA star Stephen Curry was spotted wearing an Actively Black hoodie during a press conference last year, shortly after former President Barack Obama sported a watch the brand collaborated on. And we were going to build our own table," Smith says.

☆ Adidas and Major League Soccer extend partnership with 2026 World Cup in view
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Feb 22 (Reuters) - Adidas (ADSGn.DE) and Major League Soccer in the United States on Wednesday announced a multi-year extension to their partnership that sees the German sports goods maker continue as the official supplier for the league, clubs and youth academies. "We are committed to helping grow the game and could not be more excited as we approach the 2026 World Cup hosted by the U.S., Canada and Mexico," said Adidas chief executive Bjorn Gulden in a statement. According to a report by the news outlet CNBC, the contract, which runs until 2030, is worth $830 million while the previous contract from 2017 was worth $700 million. Adidas declined to comment on those figures. Reporting by Alexander Hübner; writing by Matthias Williams; editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Adidas and Major League Soccer renew partnership
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAdidas and Major League Soccer renew partnershipDon Garber, MLS commissioner, and Rupert Campbell, Adidas North America president, joins 'Squawk Box' to discuss the partnership between the two, the upcoming strategy for Adidas and where each see the World Cup ranking in most-viewed performances.

☆ Adidas renews deal with Major League Soccer
▼ + stars: | 2023-02-22 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Matthew Ashton - AMA | Getty ImagesMajor League Soccer and sportwear giant Adidas agreed to a multiyear extension of their partnership. It represents Adidas' largest-ever investment in North American soccer. At the time, it marked a record-breaking deal for North American soccer for Adidas. Adidas renews its longtime partnership with Major League Soccer until 2030. The league's future is bright and we are proud to be part of it," Rupert Campbell, president of Adidas North America, told CNBC.

☆ Nike, Adidas shoe supplier Pou Chen to slash 6,000 jobs in Vietnam -sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

The firm's Pouyuen Vietnam factory will cut 3,000 jobs this month and not extend labour contracts for another 3,000 workers later this year, the officials said, declining to be identified because they were not authorised to speak to media. The Pouyen Vietnam factory supplies global companies such as Nike Inc. (NKE.N) and Adidas AG (ADSGn.DE) and is one the biggest employers in Ho Chi Minh City, with 50,500 workers. Pou Chen shares fell 1.2% in early afternoon trade in Taiwan in a broader market (.TWII) that was down just 0.1%. Telephone calls to a factory labour union official were not answered. The plan to cut jobs marks a reversal for the company that in 2021 faced a labour shortage and manufacturing disruption in Vietnam due to the coronavirus pandemic.

☆ Moncler Genius presents new 'co-creators' at London Fashion Week show
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 20 (Reuters) - Italian luxury brand Moncler unveiled an expansion of its Moncler Genius collaborations project at London Fashion Week on Monday, introducing new "co-creators" in the realms of art, music, design and sport. For Williams' "Art of the Terrain" concept, models dressed in khaki camping outerwear walked around a set covered in grass. Others posed in a range of colourful puffer jackets, coats and gloves at the Adidas space. Earlier this month, Moncler (MONC.MI) said it was evolving from the Moncler Genius fashion collaborations project it launched in 2018, where guest designers presented different versions of its jackets, "to a platform for co-creation across different industries". The Monday evening show drew famous faces from the worlds of entertainment, fashion and sport, including the likes of Serena Williams and Lewis Hamilton.

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