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Adidas is still figuring out what to do with $1.3 billion worth of unsold Yeezys
Adidas is still figuring out what to do with $1.3 billion worth of unsold Yeezys
Nearly seven months on from Adidas parting ways with rapper Kanye West, and the sportswear brand reportedly still has $1.3 billion of unsold Yeezy stock in its warehouses. The decision from Adidas to split from West - otherwise known as Ye - came back in October last year came after the 45-year-old made antisemitic remarks both in interviews and online. But now, Adidas has to decide what to do with the remaining stock of the popular shoe as the company attempts to turn its fortune around after it abruptly ended its partnership with West and his Yeezy brand, with 400 million euros ($441 million) in lost sales at the start of the year. Sign up to our free Indy100 weekly newsletter Though Adidas is "getting closer and closer to making a decision" on what to do with the sneakers and the “options are narrowing,” new CEO Bjorn Gulden said, as per Associated Press. He became in charge back in January this year, three months after Adidas terminated it's partnership with Ye. However, a decision has not yet been reached due to "so many interested parties," he added. Gulden did not confirm whether the option to destroy the shoes had been ruled out but noted that this is something it is the company is "trying to avoid." Meanwhile other options have their own downsides, since selling the shoes would mean Ye would need to be paid royalties, removing brand identification would be dishonest. Giving the shoes away for free sounds like a nice idea in theory but this could cause them to be resold at a higher market price. Gulden is also remaining tight-lipped on the exact quantity of stock that is left since he believes if consumer are aware of this number it "could have an impact on demand," as per AP. The CEO admitted losing Yeezy is "of course hurting us" and if Adidas decides not to sell the remaining shoes, it could reduce earnings by 500 million euros this year. Net sales declined 1 per cent in the first quarter, to 5.27 billion euros, and would have risen per cent with the Yeezy line, the company said. As a whole, Gulden described 2023 as a "a year of transition" with "a better ’24 and a good ’25" as the German sportswear business continues without the Yeezy brand. Elsewhere, Adidas found itself being sued by investors last week who allege the company knew about Ye’s offensive remarks and harmful behaviour years before the termination and failed to take precautionary measures to limit financial losses. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-05-10 02:25
Ariana Grande and Dalton Gomez settle divorce: Singer's ex husband will receive bulk amount upfront
Ariana Grande and Dalton Gomez settle divorce: Singer's ex husband will receive bulk amount upfront
Ariana Grande and Dalton Gomez settle payments after filing divorce on September 18
2023-10-07 20:18
'It was a disaster': Wes Anderson learned lessons from Bottle Rocket failure
'It was a disaster': Wes Anderson learned lessons from Bottle Rocket failure
Wes Anderson learned important lessons after his directorial debut 'Bottle Rocket' failed to impress audiences.
2023-10-19 17:56
How to play Taylor Swift's 1989 Vault game on Google
How to play Taylor Swift's 1989 Vault game on Google
Taylor Swift is known for dropping musical Easter eggs, and with the release of 1989 (Taylor's Version) on the horizon, a new Google game has appeared where fans can unlock the album vault track titles and features. In a post to Instagram, the pop star shared a clip of the 1989 blue and seagull-themed vault, where the vault opened to reveal different letter flying letters - a similar rollout to her previous re-recordings Fearless (Taylor's Version) and Red (Taylor's Version) back in 2021. "You can tell me when the *search* is over… if the high was worth the pain," the caption read, referring to the commencement of "the search," as well as lyrically referencing the 1989 hit song Blank Space. If you Google 'Taylor Swift' now, a graphic of a blue vault sitting in the sand will appear in the bottom right-hand corner of the search results. Once clicked on, a series of jumbled letters appear on the screen in different colours along with a hint at the bottom to help fans figure out the word. Altogether there are 89 puzzles to solve in total but Swifties need to collectively solve a whopping 33m (Swift is 33 years old) puzzles globally to unlock the vault, and the fandom has made it their mission to complete the challenge. At the time of writing, over 27.2m puzzles have been solved. After quickly realising the mission, the Google page was inundated with Swifties desperately to join in - so much so that they "jammed" the vault due to demand with the search engine providing an update. (With some Swift-based lyrical puns, of course). Since then it looks like the vault is working as fans get closer to cracking it open... Swift's fourth re-recording of 1989 (Taylor's Version) is set to be released next month on October 27. Sign up to our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-09-20 18:24
What happened to Tobias Strebel? 'Botched' patient and Justin Bieber lookalike was found dead after he went missing in 2015
What happened to Tobias Strebel? 'Botched' patient and Justin Bieber lookalike was found dead after he went missing in 2015
In 2015, 'Botched' patient Toby Sheldon, who spent $100k to resemble Justin Bieber, tragically died at 35 in a Motel 6 room in North Hills, California
2023-08-04 08:51
Why doesn't Tristan Tate talk to Adin Ross? Andrew Tate spills beans about mysterious feud, Internet dubs it 'high school drama'
Why doesn't Tristan Tate talk to Adin Ross? Andrew Tate spills beans about mysterious feud, Internet dubs it 'high school drama'
Andrew Tate used a hypothetical post-war scenario where everyone was gathered around a campfire to explain the feud between Tristan and Adin Ross
2023-07-06 15:24
Who is 'Battle on the Beach' star Taniya Nayak's husband? Brian O’Donnell is culinary expert who owns multiple restaurants
Who is 'Battle on the Beach' star Taniya Nayak's husband? Brian O’Donnell is culinary expert who owns multiple restaurants
Brian O’Donnell and Taniya Nayak have created some remarkable dining destinations, each with its own distinct character and culinary offerings
2023-06-12 07:22
'He told me he was a big fan of my records...' Joel Corry says Ed Sheeran is his dream collaborator
'He told me he was a big fan of my records...' Joel Corry says Ed Sheeran is his dream collaborator
DJ-and-producer Joel Corry has revealed that his dream is to record a song with Ed Sheeran, who he knows is a "big fan" of his records.
2023-10-12 21:24
Glastonbury viewers left disappointed by absence in Elton John's headline performance
Glastonbury viewers left disappointed by absence in Elton John's headline performance
Elton John performed at Glastonbury last night and people were very excited. Addressing the huge crowd at the Pyramid stage as he took to the stage, the headline star said: "I never thought I’d play Glastonbury and here I am. It’s a very special and emotional night for me as it may be my last ever show in England, so I better play well and entertain you as you’ve been standing there so long." Before his performance, there were rumours he would bring out guests to perform with him, and fans wondered if he would bring Britney Spears given they have a song together, Hold Me Closer. But she was a no-show. Sign up to our free Indy100 weekly newsletter Elton brought out Jacob Lusk as guest number one. He was followed by Stephen Sanchez as the second guest, and then Brandon Flowers who performed the Britney hit with Elton. Rina Sawayama was the fourth and final singer that Elton brought out. People on social media raged about Britney's absence: You can't satisfy everyone. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-06-26 17:55
Adin Ross to host Andrew Tate and Dana White in highly-anticipated podcast, fans say 'that's gonna be a crazy stream'
Adin Ross to host Andrew Tate and Dana White in highly-anticipated podcast, fans say 'that's gonna be a crazy stream'
This highly anticipated podcast of Adin Ross is scheduled to take place on July 16
2023-07-15 15:45
Aidan Hutchinson's Mom Melissa Is Getting Lots of Camera Time
Aidan Hutchinson's Mom Melissa Is Getting Lots of Camera Time
NBC's cameras keep showing Aidan Hutchinson's mom during Thursday Night Football.
2023-09-08 10:18
Is Olivia Dunne responsible for Baby Gronk's controversial behavior? Internet says 'the kid is 10 he shouldn't be in the gym'
Is Olivia Dunne responsible for Baby Gronk's controversial behavior? Internet says 'the kid is 10 he shouldn't be in the gym'
Football prodigy Baby Gronk and LSU gymnast Olivia Dunne went viral with a TikTok video, making Baby Gronk the talk of the town
2023-07-02 19:47