Published 1 year ago

Adidas shares tank after it issues warning over unsold Yeezy stock

Summary by Ground News

Adidas shares plummeted after the company said it could lose around 1.2 billion euros ($1.3 billion) in revenue in 2023 if it is unable to sell Yeezy stock. The sportswear giant cut ties with West, known as Ye, after he posted anti-Semitic comments on social media. The announcement marks the company's fourth profit warning since July.

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BBC News

Kanye West: Adidas warns of losses from Yeezy fallout

The sportswear giant cut ties with the rapper and designer, known as Ye, over anti-Semitic comments.

1 year ago·United Kingdom

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The Guardian

Adidas could take €1.2bn revenue hit if it writes off Kanye West’s Yeezy stock

German sportswear company cut ties with rapper in 2022 over his antisemitic commentsAdidas has warned that it could take a revenue hit of €1.2bn (£1bn) and slump to a loss this year if it decides not to sell its remaining stock of products made in collaboration with Kanye West, after it cut ties with the rapper over his antisemitic comments.The German sportswear giant said its decision last year to end the partnership to produce the Yeezy range …

1 year ago·London, United Kingdom

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USA Today

Adidas could lose more than $1 billion in revenue as Yeezy shoes go unsold

Adidas cut ties with Ye last October because of his antisemitic remarks and still struggles with what to do with its unsold pile of Yeezys.

1 year ago·United States

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CNN

Adidas says dropping Kanye West could cost it more than $1 billion in sales

Adidas' breakup with Ye, formerly known as Kanye West, is a pricey one.

1 year ago·Atlanta, United States

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Sydney Morning Herald

Adidas says loss may hit $1b if Yeezy shoes unsold

The German sneaker brand is feeling the fallout from its dispute with rapper and former partner Ye.

1 year ago·Sydney, Australia

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KIFI

Adidas says dropping Kanye West could cost it more than $1 billion in sales

By Jordan Valinsky, 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 ended its nine-year partnership with the rapper last October because of his antisemitic remarks. In a statement, Adidas said its financial guidance for 2023 “accounts f…

1 year ago·Idaho Falls, United States

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