• Contact
Saturday, September 23, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Nigeria finance minister blames Naira’s dive on overdue payments

    Nigeria finance minister blames Naira’s dive on overdue payments

    Angola Oil & Gas (AOG) 2023 Explores Mobilizing Capital for Angola’s Infrastructure

    Angola Oil & Gas (AOG) 2023 Explores Mobilizing Capital for Angola’s Infrastructure

    Timeline: Nigeria's electricity grid collapsed 46 times from 2017 to 2023

    Timeline: Nigeria’s electricity grid collapsed 46 times from 2017 to 2023

    Trending Tags

  • Business
    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

    US puts $235m in startup making low-emission jets

    US puts $235m in startup making low-emission jets

    Amazon opens its first African AWS Skills Center in South Africa

    Amazon opens its first African AWS Skills Center in South Africa

    Kenya: BasiGo launches its new “E9 Kubwa” electric bus model

    Kenya: BasiGo launches its new “E9 Kubwa” electric bus model

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Nigeria finance minister blames Naira’s dive on overdue payments

    Nigeria finance minister blames Naira’s dive on overdue payments

    Angola Oil & Gas (AOG) 2023 Explores Mobilizing Capital for Angola’s Infrastructure

    Angola Oil & Gas (AOG) 2023 Explores Mobilizing Capital for Angola’s Infrastructure

    Timeline: Nigeria's electricity grid collapsed 46 times from 2017 to 2023

    Timeline: Nigeria’s electricity grid collapsed 46 times from 2017 to 2023

    Trending Tags

  • Business
    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

    US puts $235m in startup making low-emission jets

    US puts $235m in startup making low-emission jets

    Amazon opens its first African AWS Skills Center in South Africa

    Amazon opens its first African AWS Skills Center in South Africa

    Kenya: BasiGo launches its new “E9 Kubwa” electric bus model

    Kenya: BasiGo launches its new “E9 Kubwa” electric bus model

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Business

Adidas hasn’t decided whether it’s going to take a $526 million hit from not selling remaining Yeezys

Adidas on Wednesday said the company still hasn't decided what to do with the remaining Yeezy merchandise it has in inventory.

TAB by TAB
08/03/2023
in Business
0
Adidas hasn’t decided whether it’s going to take a $526 million hit from not selling remaining Yeezys
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Related posts

Virgin Active to expand office space and meeting rooms in gyms

Virgin Active to expand office space and meeting rooms in gyms

12/09/2023
3
Dangote, Bua show grit amid global sugar crises

Dangote, Bua show grit amid global sugar crises

12/09/2023
4

The German sportswear company cut ties with Ye, formerly known as Kanye West, in October because of his repeated antisemitic comments.

The company immediately halted sales of products from the artist’s Yeezy line when it announced the split, but it’s yet to decide whether it’ll unload its remaining Yeezy merchandise or take a hit of 500 million euros, or $526 million, from not selling it, the company said when it reported earnings Wednesday.

Adidas also continues to expect to spend roughly $210 million this year on a strategic review of the business, in line with guidance the company released last month.

The decision to split with Ye punched a giant hole in Adidas’ top line. Yeezy accounted for $1.2 billion in sales for Adidas last year, according to Cowen.

Adidas on Wednesday also reported 22.5 billion euros, or $23.7 billion, in 2022 revenue – a 6% increase. Net income decreased 70% to $671 million.

In November, an Adidas executive said the company owns the designs it made in partnership with Ye and could continue to sell the products, noting the company intended to “make use of these rights as early as 2023.”

On a Wednesday call with reporters, Gulden said the company is working through various options for getting rid of the Yeezy inventory, including destroying it and selling it.

If the company sells the inventory, Gulden said some of the proceeds will be given to charitable groups. He also said the product, if sold, will be sold as is. It won’t be relabeled. Gulden said there’s no timeline for making the decision.

“It’s a very complicated thing,” Gulden said. “It’s one of the most difficult decisions that I’ve been part of.”

“As soon as we have enough facts that we can make a decision, we’ll make a decision,” he added.

Gulden joined Adidas as CEO on January 1 after previously serving in the same role at rival Puma, where he led a sales comeback and helped the brand collaborate with celebrities like Jay-Z, J.Cole, and Rihanna.

Regardless of what Gulden and Adidas decide to do with the remaining Yeezy inventory, it will likely be a challenging year. Adidas expects revenue, not including currency charges, to decline in the high single digits.

The company’s financial guidance assumes Adidas doesn’t sell the Yeezy inventory.

“2023 will be a transition year to build the base for 2024 and 2025,” Gulden said, in a news release. “We need to reduce inventories and lower discounts. We can then start to build a profitable business again in 2024. Adidas has all the ingredients to be successful. But we need to put our focus back on our core: product, consumers, retail partners, and athletes. We will work on strengthening our people and the Adidas culture.”

Gulden seemed to shoot down rumors of resigning Ye on the call on Wednesday, saying the Yeezy business is “now lost” and would need to be replaced with “many, many pieces.”

“There is no other Yeezy business in the market,” he said. “The closest thing is Jordan.”

Source: Africa Business Insider
Previous Post

Zimbabwe to retain old inflation gauge for rate decisions

Next Post

Angola defends sustainable and competitive fishing

Next Post
Angola defends sustainable and competitive fishing

Angola defends sustainable and competitive fishing

RECOMMENDED NEWS

What happens when the world’s key metal exchange has no metal?

What happens when the world’s key metal exchange has no metal?

2 years ago
9
Uganda is set to join the list of major oil producing African countries

Uganda is set to join the list of major oil producing African countries

8 months ago
2
Fed hikes rates 75 basis points, intensifying inflation fight

Fed hikes rates 75 basis points, intensifying inflation fight

1 year ago
5
Mozambique: Total Eren awarded the contract for the Dondo solar power plant

Mozambique: Total Eren awarded the contract for the Dondo solar power plant

1 year ago
2

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business - News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • Kenya seeks partnership with Apple
  • List of African countries and how much of their salaries they spend on iPhones
  • Nigeria finance minister blames Naira’s dive on overdue payments

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In