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The Liverpool games Andy Robertson will miss with shoulder injury
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Freeman wins it in the 11th as the Dodgers edge the White Sox 5-4 to salvage series victory
Freddie Freeman singled to deep center field with the bases loaded in the 11th inning, Chris Taylor hit a tying grand slam in the sixth, and the Los Angeles Dodgers beat the Chicago White Sox 5-4
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400 lb Taylor Swift Pumpkin Not What the Founding Fathers Had in Mind When They Invented Halloween
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Moms for Liberty rises as power player in GOP politics after attacking schools over gender, race
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Libyan flood survivors weigh water shortages against landmine risk
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Tulsa race massacre survivor Hughes Van Ellis dies at 102
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MLB Rumors: Eduardo Rodriguez race, Angels money quote, Dylan Cease
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Exclusive-Deutsche Boerse has started CEO search, chairman says
By Tom Sims FRANKFURT (Reuters) -German stock exchange operator Deutsche Boerse has begun the search for a new chief executive
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Lattice Stock Tumbles. Like ON Semi, the Chip Maker Sees Weaker Auto Sales.
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Who was Sadie Mauro? Lacrosse star, 17, dies in Cape Cod boat accident after colliding with jetty
Sadie Mauro, a talented lacrosse player and aspiring high school senior, tragically died in a Cape Cod boat accident on Friday, July 21
2023-07-23 18:17
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.
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