{"id":606973,"date":"2023-02-11T11:04:00","date_gmt":"2023-02-11T17:04:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/11\/oop-adidas-reportedly-expected-to-lose-1-3-billion-in-revenue-after-parting-with-kanye-west\/"},"modified":"2023-02-11T11:04:00","modified_gmt":"2023-02-11T17:04:00","slug":"oop-adidas-reportedly-expected-to-lose-1-3-billion-in-revenue-after-parting-with-kanye-west","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/11\/oop-adidas-reportedly-expected-to-lose-1-3-billion-in-revenue-after-parting-with-kanye-west\/","title":{"rendered":"Oop! Adidas Reportedly Expected To Lose $1.3 BILLION In Revenue After Parting With Kanye West"},"content":{"rendered":"
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\n \n \"Kanye\n <\/picture>\n <\/div>\n
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While Adidas chose to cut ties with Ye<\/a> over his antisemitic remarks, it looks like this decision may ultimately end up costing the company a HUGE bag!<\/p>\n

The Company May Face \u2018Significant Adverse Impact\u2019 Due To Unsold Yeezy Stock<\/h3>\n

Adidas recently published its \u201ctop- and bottom-line\u201d financial outlook<\/a> for 2023, and CEO Bj\u00f8rn Gulden\u00a0straight-up admitted that they \u201care currently not performing the way [they] should.\u201d<\/p>\n

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\u201cThe numbers speak for themselves. We are currently not performing the way we should.\u201d<\/p>\n<\/blockquote>\n

Further details in the press release point out that there could be a \u201csignificant adverse impact from not selling the existing stock\u201d from the company\u2019s \u201cYeezy inventory.\u201d<\/p>\n

In fact, if Adidas makes the decision\u00a0\u201cnot to repurpose any of the existing Yeezy product going forward,\u201d it could lose nearly $1.3B in revenue. Additionally, this would \u201cresult in the write-off of the existing Yeezy inventory and would lower the company\u2019s operating profit\u201d by an additional $535M.<\/p>\n

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We should also mention that this \u201crepurpos[ing]\u201d would be in the form of Adidas stripping the items\u2019 Yeezy branding and continuing to sell the remaining stock.<\/p>\n

However, retail expert Burt Flickinger tells CNN<\/em><\/a> that the situation isn\u2019t as simple as it sounds, as \u201cthere really are no good options for this distressed brand that sat somewhere between prestige and luxury.\u201d<\/p>\n

2023 \u2018Will Be A Year Of Transition\u2019 For Adidas<\/h3>\n

In the face of these prospects, Gulden notes that this year will be \u201ca year of transition,\u201d and the company is committed to getting the ball rolling once again.<\/p>\n

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\u201c2023 will be a year of transition to set the base to again be a growing and profitable company. We will put full focus on the consumer, our athletes, our retail partners and our adidas employees. Together we will work on creating brand heat, improve our product engine, better serve our distribution and assure that adidas is a great and fun place to work. adidas has all the ingredients to be successful: A great brand, great people, fantastic partners and a global infrastructure second to none.\u201d<\/p>\n<\/blockquote>\n

He wrapped up his message by noting that, while he\u2019s convinced that the company will eventually \u201cshine again,\u201d they\u2019re going to \u201cneed some time.\u201d<\/p>\n

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\u201cWe need to put the pieces back together again, but I am convinced that over time we will make adidas shine again. But we need some time.\u201d<\/p>\n<\/blockquote>\n

What do you think about the overall situation now that Adidas has ditched Kanye West? Additionally, do you think people would purchase \u201crepurposed\u201d shoes stripped of their Yeezy branding, or does Adidas just have to accept the L?<\/p>\n

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\n Nick Fenley<\/p>\n","protected":false},"excerpt":{"rendered":"

While Adidas chose to cut ties with Ye over his antisemitic remarks, it looks like this decision may ultimately end up costing the company a HUGE bag! The Company May Face \u2018Significant Adverse Impact\u2019 Due To Unsold Yeezy Stock Adidas recently published its \u201ctop- and bottom-line\u201d financial outlook for 2023, and CEO Bj\u00f8rn Gulden\u00a0straight-up admitted […]<\/p>\n","protected":false},"author":1,"featured_media":606974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[515,534,52],"tags":[],"class_list":{"0":"post-606973","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-adidas","8":"category-financial","9":"category-reportedly"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=606973"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/606974"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=606973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=606973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=606973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}