News from World

tag: Adidas

09 March 2023

Kanye West's anti-Semitism costs Adidas a mountain of unsold shoes

Adidas is not sure what to do with $1.2 billion worth of unsold Yeezy shares after ending its partnership with Kanye West after the latter made a series of anti-Semitic comments last year, leading Adidas to pull its brand back from sale. The debacle, along with what one analyst called a "catastrophic performance" in China, could lead to Adidas' first annual loss in 31 successful years. [Adidas warns of first loss in decades after split with Kanye West - sky.com]

08 February 2023

At the end of 2022, Indonesia lost more than 25,000 jobs in the footwear sector

Indonesia posts 5.31% GDP growth in 2022, - reports the CNA news agency - , the highest in almost a decade. In contrast, thousands of workers in the footwear industry in Tangerang, Banten, were laid off in the last quarter of last year. The president general of the Indonesian Footwear Association (Aprisindo) Eddy Widjanarko had already declared in November that the number of workers laid off in the footwear sector had reached 25,700. [Ribuan Pekerja of Industri Sepatu Tangerang Kena PHK ... - Tempo.co]

15 January 2023

The final verdict in the case of the three stripes, adidas versus Thom Brown: adidas loses

Adidas has lost a court case against the designer Thom Browne, after the sportswear company said the use of four stripes in his designs was too close to its trademark three-stripe logo. The designer hoped his victory would inspire other independent brands when faced with threats from large companies. “It was important to fight and tell my story”, he said. [Adidas loses four stripes court battle with designer Thom ... - theguardian.com]

09 November 2022

Adidas Slashes Outlook: the problems are Kanye West's racism and sales in China

Adidas (ADSGn.DE) further slashed its outlook for 2022 on Wednesday as it weighed the impact of its split from Ye, the rapper formerly known as Kanye West, while sluggish demand in China continued to impact sales. [Adidas slashes 2022 outlook after Kanye West split - Reuters]

28 October 2022

Retail crisis

Supply problems have plagued the retail sector this year, forcing Walmart and Target with full warehouses to cut orders, for example. Adidas cuts its forecast for the year in a sign of growing uncertainty. The US will enter recession this year. Ukraine, Russia and the United Kingdom already are. The IMF confirms that global growth will slow to 2.7% next year, down from 3.2% this year and 6% in 2021. ['Worst Is Yet to Come' for Retailers Facing Recession – SJ]

26 October 2022

Adidas dropped its deal with Kanye “Ye” West over a series of antisemitic social media posts

In the past, a business might bet on its relationship with a sports star or musician boosting sales, hoping to use its clout with media organizations to keep negative stories under wraps, offering exclusives on other topics in exchange for silence. But the media’s gatekeeping role has diminished in the era of viral content, and companies can be left holding the bag if the superstar face of their campaign goes off the rails. In this case, Adidas says it will lose $250 million cutting its ties with West, a @semafor tweets.

Page 1 of 2
Next