{"id":1149060,"date":"2023-02-13T14:10:25","date_gmt":"2023-02-13T19:10:25","guid":{"rendered":"https:\/\/bugaluu.com\/news\/adidas-could-lose-more-than-1-billion-in-revenue-as-yeezy-shoes-go-unsold-2\/1149060\/"},"modified":"2023-02-13T14:10:25","modified_gmt":"2023-02-13T19:10:25","slug":"adidas-could-lose-more-than-1-billion-in-revenue-as-yeezy-shoes-go-unsold-2","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/adidas-could-lose-more-than-1-billion-in-revenue-as-yeezy-shoes-go-unsold-2\/1149060\/","title":{"rendered":"Adidas could lose more than $1 billion in revenue as Yeezy shoes go unsold"},"content":{"rendered":"
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Adidas’ split from rapper Ye<\/a>, formerly known as Kanye West, could cost the company some big bucks.\u00a0<\/p>\n

The German sportswear company said Thursday that it could lose about $1.3 billion<\/a> in revenue in 2023 if it’s unable to sell its existing Yeezy inventory, and operating profit would fall by about $535 million.<\/p>\n

Adidas cut ties with Ye <\/a>last October because of his antisemitic remarks on social media and ended the production of Yeezy-branded products. At the time, the company called Ye’s comments “unacceptable, hateful and dangerous.”<\/p>\n

As Adidas decides what to do with its existing Yeezy stock, it said its financial guidance for 2023 “accounts for the significant adverse impact” of not selling the merchandise.\u00a0<\/p>\n

The company faces an operating loss of nearly $750 million in 2023 if it can’t repurpose the products and writes off existing Yeezy inventory.<\/p>\n

“The numbers speak for themselves,” Adidas CEO Bj\u00f8rn Gulden said in a statement.<\/p>\n

“We are currently not performing the way we should.”\u00a0<\/p>\n

Report: <\/strong>Adidas scrambling to sell $530 million in Yeezys after cutting ties with Ye<\/a><\/p>\n

Yeezy inventory: <\/strong>Adidas will continue to sell Ye’s shoe designs without Yeezy name<\/a><\/p>\n

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Adidas and Ye first teamed up in 2013<\/a> and cemented their alliance<\/a> in 2016 with what the company described as the “most significant partnership ever created between a non-athlete and an athletic brand.”<\/p>\n

After ending the partnership, Adidas said it would try to sell the apparel <\/a>without the Yeezy name and branding.\u00a0<\/p>\n

Adidas’ stock price<\/a> closed Friday at $74.61, down by 0.73%.<\/p>\n

“We need to put the pieces back together again, but I am convinced that over time we will make Adidas shine again,” Gulden said. “But we need some time.”<\/p>\n

This article originally appeared on USA TODAY: <\/em>Adidas says dropping Ye’s Yeezy shoes could cost it over $1 billion<\/em><\/a><\/p>\n

From:AOL<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Adidas’ split from rapper Ye, formerly known as Kanye West, could cost the company some big bucks.\u00a0 The German sportswear company said Thursday that it…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1149060","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1149060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1149060"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1149060\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1149060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1149060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1149060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}