India  

Adidas Reports a $540M Loss Due to Unsold Yeezy Products

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Adidas Reports a $540M Loss Due to Unsold Yeezy Products

Adidas Reports a $540M Loss Due to Unsold Yeezy Products

Adidas Reports a $540M Loss , Due to Unsold Yeezy Products.

Adidas cut ties with Kanye West and his Yeezy line in October due to antisemitic comments made by the rapper.

Adidas cut ties with Kanye West and his Yeezy line in October due to antisemitic comments made by the rapper.

The inability to sell backstock, coupled with increasing supply costs and declining revenue in China.

Led Adidas to endure a net loss of $540 million in the fourth quarter of 2022.

NPR reports that if the company decides against repurposing the Yeezy products, it could lose over another $500 million this year.

Adidas says it's expecting an operating loss of over $700,000,000 this year.

CEO Bjorn Gulden said 2023 will be "a transition year" and "we can then start to build a profitable business again in 2024.".

Adidas will also be replacing top executives.

Roland Auschel, the company's global sales head of 33 years, will be replaced by Arthur Hoeld.

.

Head of global brands Brian Grevy will exit his role on March 31.

CEO Bjorn Gulden will handle his responsibilities for the time being


You Might Like


💡 newsR Knowledge: Other News Mentions

Kanye West Kanye West American rapper (born 1977)

Kanye West Storms Off Piers Morgan Interview After Rejecting the Questions

Kanye West and Piers Morgan's latest interview came to a screeching halt -- and both guys have totally conflicting reports on what went wrong!!! Ye and his new..
TMZ.com

Kanye West Details Intention to Sue in Letter to Dentist Over Nitrous Oxide

Kanye West is gearing up to sue his former dentist ... claiming he suffered injuries and financial damages due to alleged reckless administration of nitrous..
TMZ.com

Kanye West and Top5 Brutally Diss J. Cole's Rap Skills, Kendrick Catches Strays

Kanye West took a hip hop barbershop debate tongue-lashing to both J. Cole and Kendrick Lamar ... but it was truly J. Cole who got dragged through the mud!!! It..
TMZ.com

Kanye West Producers Threaten to Take Down 'Donda 2' Over Nonpayment

Kanye West AKA Ye finally released his long-lost "Donda 2" album as promised, but fans better grab the tracks while supplies last ... a couple producers want the..
TMZ.com

Paris Hilton Ain't Sweatin' Kanye West's 'Kids' Comment, Throws Perfume Launch Party

Paris Hilton ain't sweatin' Kanye West's rude remarks about wanting to have children with her instead of his ex-wife Kim Kardashian ... 'cause she gave an..
TMZ.com

NPR NPR American nonprofit media organization

Cut in US funding will be 'disastrous': Hundreds of local NPR, PBS affiliates rely on federal grants [Video]

Cut in US funding will be 'disastrous': Hundreds of local NPR, PBS affiliates rely on federal grants

Credit: FRANCE 24 English    Duration: 07:01Published
Trump cancels funding of Public Broadcasters NPR, PBS | Orders probe by Federal agencies [Video]

Trump cancels funding of Public Broadcasters NPR, PBS | Orders probe by Federal agencies

U.S. President Donald Trump has signed an executive order to defund NPR and PBS, directing the Corporation for Public Broadcasting to cut federal funding to public media. The move could devastate local stations, especially in rural communities, and marks a major escalation in the administration’s ongoing battle with public broadcasters. The order also calls for investigations into potential bias and employment discrimination, sparking legal and political backlash. #Trump #NPR #PBS #PublicMedia #DefundNPR #DefundPBS #MediaBias #ExecutiveOrder #PublicBroadcasting #CPB #RobertFKennedyJr #MediaFunding ~ED.194~HT.336~GR.124~

Credit: Oneindia    Duration: 03:23Published