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☆ Ex-Yeezy COO says it's a 'smart move' for Adidas to sell leftover stock and donate proceeds to charity
  + stars: | 2023-05-11 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
The former COO of Yeezy says it's a "smart move" for Adidas not to burn leftover Yeezy stock. Adidas said Thursday it'll sell its Yeezy stock and donate profits to charities hurt by Kanye West. Udi Avshalom, who worked at Yeezy between 2017 and 2022, told Insider that Adidas is making a "smart move." "I think Gulden's decision to donate to charities represented to those hurt by Ye's comments is proper," Avshalom, who is Jewish, told Insider. Adidas pulled the plug on its Yeezy partnership in October as a result of West's anti-semitic remarks on Twitter.
☆ Adidas’s New CEO Shows Good Form
  + stars: | 2023-05-05 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
Adidas Chief Executive Bjørn Gulden joined in January after the company suffered some major injuries. Photo: Marco Rosi/Getty ImagesAdidas ’s new chief executive officer, Bjørn Gulden , can’t quite hit the ground running yet, but his first move—setting a low bar—is turning out to be a pretty solid strategy for the company’s stock. These are still early days for the new CEO, who joined in January after the company suffered some major injuries: The fallout with Chinese consumers in 2021 from a dust-up over Xinjiang forced-labor allegations, and then a breakup with Kanye West last year. Mr. Gulden called 2023 a year of transition before the company can hit its stride again. One key goal is to reduce inventories—especially the piles of Yeezy products that Adidas has left over from its terminated partnership with Mr. West—and to lower discounts.
☆ Adidas still doesn't know what to do with its $1.3 billion mountain of unsold Yeezy stock, 6 months after cutting ties with Kanye West
  + stars: | 2023-05-05 | by ( Mary Hanbury | ) www.businessinsider.com   time to read: +3 min
Adidas doesn't know what to do with its mountain of Yeezy stock. The company cut ties with Ye, formerly known as Kanye West, in October after a string of controversies, including numerous antisemitic comments. Adidas said it has already factored a 1.2 billion euro ($1.3 billion), sales loss into its annual guidance if it were not to sell the stock. "You cannot sell Yeezy for reputational risk reasons. Experts say that way around this could be to deface these products before donation to curb their resale value, though it would cost Adidas more.
☆ Adidas wants to move on from the Kanye West scandal, but investors are angry and suing
  + stars: | 2023-05-01 | by ( Matthew Kish | ) www.businessinsider.com   time to read: +2 min
Investors sued Adidas over its failed Kanye West deal, arguing it didn't properly manage the risk. In the lawsuit, investors claimed Adidas "ignored serious issues" with regard to Ye's "extreme behavior," and didn't properly manage the resulting risks, including with inventory. If certified, the lawsuit would proceed on behalf of investors who purchased shares of Adidas between May 3, 2018, and February 21, 2023. In the wake of splitting with Ye, Adidas, under new CEO Bjørn Gulden, is focusing more on sports, including basketball and soccer, as Gulden works to reset the brand. The organization purchased 2,837 shares of Adidas stock in early 2022 for more than $350,000, according to an exhibit attached to the lawsuit.
☆ 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."
☆ Forget Yeezys. Adidas' new CEO says Sambas and Gazelles are the 'hottest shoe in the market'
  + stars: | 2023-03-13 | by ( Danni Santana | ) www.businessinsider.com   time to read: +3 min
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 thinks this 74-year-old shoe can replace Yeezys
  + stars: | 2023-03-11 | by ( Danni Santana | ) www.businessinsider.com   time to read: +3 min
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. "
☆ 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 has received over 500 offers for massive unsold Yeezy merchandise
  + stars: | 2023-03-10 | by ( Parija Kavilanz | ) edition.cnn.com   time to read: +3 min
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.
☆ 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.
☆ 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 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.
☆ 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.
☆ 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.
☆ 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.
☆ Adidas Profit Warning Knocks Share Price, Highlights Challenge for New CEO
  + stars: | 2023-02-10 | by ( Trefor Moss | ) www.wsj.com   time to read: 1 min
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.
☆ Adidas shares tank after it issues warning over unsold Yeezy stock
  + stars: | 2023-02-10 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +1 min
"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.
☆ Adidas says dropping Kanye West could cost it more than $1 billion in sales
  + stars: | 2023-02-10 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +3 min
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 could lose over $750 million as it tries to figure out what do do with its stockpile of Yeezys
  + stars: | 2023-02-09 | by ( Danni Santana | ) www.businessinsider.com   time to read: +3 min
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.
☆ 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.
☆ Freight Broker C.H. Robinson Digs in Against Activist Investor
  + stars: | 2023-02-03 | by ( Paul Berger | ) www.wsj.com   time to read: +4 min
Robinson Worldwide Inc. is standing its ground against an activist investor pushing for a quick and wide-ranging overhaul of the country’s biggest freight broker as the company battles declining freight demand and growing competition. Robinson’s international freight forwarding business, a central goal of investor Ancora Holdings Group LLC as it seeks an overhaul of the business. Robinson executives said on the Wednesday earnings call that the global forwarding arm, which moves freight by air and ocean, is essential to the company’s success. Robinson is by far the largest player in the U.S. domestic freight brokerage market that matches freight shippers with available trucks. It is also among the top two U.S.-based companies in the global forwarding market that transports cargo by air and ocean.
☆ Nike faces 3 obstacles that could threaten its dominance
  + stars: | 2023-01-14 | 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. 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.
☆ C.H. Robinson Reaches Standstill Agreement With Activist Investor
  + stars: | 2023-01-10 | by ( Paul Berger | ) www.wsj.com   time to read: +4 min
Robinson Worldwide Inc. has reached an agreement to work with its activist investors as analysts said new board member Jim Barber would be a strong candidate to lead the company. Robinson’s board. Robinson’s then board chair as interim CEO as the board said it would start an immediate search for a permanent successor. Robinson’s board, said Monday that Mr. Biesterfeld’s firing was a board decision. Robinson has retained executive search firm Russell Reynolds Associates Inc. to find a permanent chief executive.
☆ 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.
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