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 and producer (born 1977)

King Combs and Kanye West Team Up for Diddy-Supporting Album

Kanye West's support for Diddy now has a musical home -- thanks to a collaboration project with the mogul's youngest son, Christian 'King' Combs!!! On Friday, Ye..
TMZ.com

NPR NPR American nonprofit media organization

Michelle Obama Says Public Can't Expect to See Life With Barack on Socials

Michelle Obama's sick of divorce rumors about her and Barack ... and, she's got a simple message for their fans -- stop assuming there is a right way to prove..
TMZ.com
Trump Loyalist Russel Vought Takes Over DOGE, Vought To Lead Mass Layoffs With ‘Slash & Burn’ Agenda [Video]

Trump Loyalist Russel Vought Takes Over DOGE, Vought To Lead Mass Layoffs With ‘Slash & Burn’ Agenda

Elon Musk has stepped down from leading the Department of Government Efficiency (DOGE), handing the reins to conservative policy strategist Russell Vought. A key Trump ally, Vought is best known for shaping Project 2025 and pushing aggressive spending cuts and federal downsizing. He aims to revive Trump’s Schedule F and slash budgets at agencies like USAID and NPR. Musk, who reportedly wants to focus on Tesla and SpaceX, had worked closely with Vought during DOGE’s early days. Critics warn Vought's Christian nationalist leanings and military spending cuts may spark major backlash. #ElonMusk #RussellVought #DOGE #Trump #GovernmentEfficiency #Project2025 #ScheduleF #FederalCuts #ChristianNationalism #Tesla #SpaceX #MuskExit #VoughtAgenda #BudgetCuts #NPR #USAID #CFPB #MilitarySpending #GOP #PoliticalNews #WashingtonWatch #BureaucracyReform #TrumpAdmin #GovernmentOverhaul #WhiteHousePolicy #SpendingCuts #PolicyShift #BreakingNews #ConservativeAgenda #MuskVsVought Also Read Elon Musk Exits Trump Administration After Slamming ‘Big Beautiful Bill’ on His Way Out :: https://www.oneindia.com/international/elon-musk-exits-trump-administration-after-slamming-big-beautiful-bill-on-his-way-out-4166709.html?ref=DMDesc Elon Musk Criticises Trump's 'Big Beautiful Bill', A Fracture In Key Relationship :: https://www.oneindia.com/international/elon-musk-criticises-trumps-big-beautiful-bill-a-fracture-in-key-relationship-4166667.html?ref=DMDesc SpaceX Starship Explodes Mid-Flight During Third Test, Firm Cites 'Rapid Unscheduled Disassembly' :: https://www.oneindia.com/international/spacex-starship-explodes-mid-flight-during-third-test-firm-cites-rapid-unscheduled-disassembly-4165683.html?ref=DMDesc ~HT.318~GR.124~

Credit: Oneindia    Duration: 03:02Published