A sign is displayed in front of an Adidas retail store in Paramus, N.J., Tuesday, Oct. 25, 2022. Adidas has ended its partnership with the rapper formerly known as Kanye West over his offensive and antisemitic remarks, the latest company to cut ties with Ye and a decision that the German sportswear company said would hit its bottom line. over his antisemitic remarks.
Adidas also lowered its revenue forecast for the year to a low single-digit increase from a mid-single-digit increase. Adidas owns the rights to product designs except for the Yeezy name and is developing plans for what to do with existing inventory. “At the same time, we will save around 300 million euros related to royalties and marketing fees; in combination, this will help us to compensate the majority of the top and bottom line impact in 2023,” he said.
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Adidas’ Split With Kanye’s Yeezy Brand Drives Lower Earnings OutlookAfter splitting with KanyeWest, Adidas has lowered its earnings forecast for the year. lmao Losing half of your profits due to peer pressure on God that’s a big L. That’s what happens with this cancel culture, if you are not wise & careful enough in your risk management, you will end up down in the sewers for just wanting to be a part of me too movement I mean Adidas has nothing going for them besides the Yeezy’s they should have known that, it’s not like Nike, the goodwill of they brand was attached to the Yeezy brand at the hip like a woman and her purse, now it’s time for them to wake up & smell the coffee🤣🤣🤣
Source: billboard - 🏆 112. / 63 Read more »
Adidas warns of big earnings hit after ending Ye partnershipAdidas on Wednesday cut its full-year guidance on the back of the German sportswear giant's termination of its partnership with Kanye West's Yeezy brand. Big, big losses due to ending the Ye collaboration. Adidas needs to pull out of Twitter too. Elon Musk tweeted that Nazi pic. Adidas is using Ye as an excuse for a bad quarter.
Source: CNBC - 🏆 12. / 72 Read more »