List of All Articles with Tag 'euro'

After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjørn Gulden said Thursday. Adidas cut ties with Ye, the rapper formerly known as Kanye West, in late October, following his antisemitic comments on social media and in interviews. As a result, the fate of 1.2 billion euros ($1.3 billion) worth of the unsold Yeezys, a lucrative sneaker line launched with Ye, was unknown. At Adidas' annual shareholders meeting, Gulden said the company had spent months trying to find solutions. The CEO also added that Adidas spoke to NGOs and organizations that were harmed by Ye's comments and actions. “Burning those shoes cannot be the solution,” Gulden said, noting that Adidas was going to try to sell part of the remaining Yeezy inventory and “donate money to the organizations that help us and were harmed by what Ye said.” Exact details of this plan — including how many shoes will be sold and the timeline of selling them — remain unknown. Gulden said the company will provide updates as they moves forward. The move comes as Adidas is trying to stage a comeback and move beyond the Yeezy partnership. Cutting ties with Ye has cost Adidas hundreds of millions of dollars — with the company taking a loss of 600 million euros ($655 million) in sales for the last three months of 2022, helping drive the company to a quarterly net loss of 513 million euros. Adidas reported 400 million euros ($441 million) in lost sales at the start of 2023, the company announced last week. Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago. Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier. Meanwhile, Adidas is also facing a class-action lawsuit from investors who allege the company knew about offensive remarks and harmful behavior from Ye, years before terminating its pact with him. Adidas has pushed back on the allegations made in the lawsuit. Still, Gulden reminded investors that the nine-year partnership Adidas and Ye was “sensational." While he noted that Ye is a difficult person, “he's the most creative person in our industry,” Gulden said. “He created a model with Adidas that was sought after around the world.” But he added, “We lost that in a month." _________ AP Business Writer David McHugh in Frankfurt, Germany, and AP Retail Writer Anne D'Innocenzio in New York contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Adidas breakup with rapper Ye, lost Yeezy sales hit earnings Putin’s spokesman threatens ‘adequate response’ over UK missile pledge – live Boost for Erdogan rival as struggling candidate quits Turkish election race

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Britain has supplied Ukraine with Storm Shadow stealth cruise missiles giving Volodymyr Zelensky’s government the capability to carry out long-range strikes against Russian forces. The missiles with a range of 155 miles, will give a vital boost to Ukrainian forces when they launch their much publicised spring offensive. They have a shorter reach than the 185-mileof the American Army Tactical Missile Systems, or ATACMS, which President Zelensky has asked for repeatedly, but they will enable Ukrainian forces to carry out strikes not just in occupied territories, but inside Russia. Leaked Pentagon papers revealed, based on electronic eavesdropping, that Ukraine’s president, Volodymyr Zelenskiy, complained in late February to the head of the country’s military, Gen Valeriy Zaluzhny, that Ukraine “does not have long-range missiles capable of reaching Russian troop deployments in Russia”. The Ukrainian government has assured Britain, the US and Nato allies that the Storm Shadow will not be used outside “Ukrainian sovereign territory”. However, Crimea, which was annexed by the Kremlin in 2013 is considered to fall within the term of “sovereign territory” by the UK. Storm Shadows, if deployed against targets in Crimea and seas around, will place Russia’s Black Sea Fleet under threat and also significantly limit the capabilities of Moscow to supply its forces around the peninsula by sea. General Ben Hodges, a former commander of the US army in Europe, said recently he believed Russia’s “Black Sea fleet would already have departed Sevastopol if Ukraine had Storm Shadow”. He held that President Zelenskiy and “would not want to lose the trust of the west” by using long-range missiles beyond agreed limits The US has been extremely cautious about providing weapons to Ukraine that could help them strike within Russian territory. Under Secretary of Defence for Policy Colin Kahl had said August that it is the US assessment Ukraine does not “currently require ATACMS to service targets that are directly relevant to the current fight.” Even with the arrival of the missiles, the offensive may be delayed. President Zelensky said on Thursday that Western military supplies, including armoured vehicles, are coming through in batches and needed to be integrated into Ukrainian forces. Going to early would lead to needless loss of lives, said the President : “With what we already have we can go forward, and, I think, be successful. But we’d lose a lot of people. I think that’s unacceptable. So we need to wait. We still need a bit more time.” Mr Zelensky dismissed fears about losing US support if President Joe Biden, who has vowed to support Ukraine as long as it takes, is not re-elected in 2024. Ukraine, he said, still enjoyed bipartisan support in the US Congress. “Who knows where we’ll be [when the election happens]?” he said. “I believe we’ll win by then.” Donald Trump, who may well get the Republican nomination, had said in the past that he would recognise Russian ownership of Crimea, refused at a CNN town hall on Wednesday to say whether he would continue supporting Ukraine until victory was achieved. “I don’t think of winning or losing, I think in terms of getting it settled. I want everybody to stop dying” said the former President. Read More The Body in the Woods | An Independent TV Original Documentary The harrowing discovery at centre of The Independent’s new documentary

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