Adidas announced on Wednesday that it would slash its dividend by 79% because severing ties with “Yeezy” designer Kanye West has decimated earnings to the tune of $1.3 billion.
Last month we noted that shares of Adidas AG crashed on the German exchange after it warned that it’s sitting on a $1.3 billion pile of unsold Yeezy products, and were ‘reviewing’ options for utilizing the inventory.
Adidas terminated its partnership with Ye in October, after the rapper formerly known as Kanye West repeatedly made antisemitic comments on social media.
The Yeezy line accounted for 7% of Adidas’ total sales last year according to analysts from S&P Global Ratings.
The sportswear giant added Wednesday that it will have to write off around 500 billion euros ($530 billion) worth of Yeezy sneakers if it can’t find buyers for the inventory it currently holds. It might be forced into “literally burning the shoes,” industry experts told the Washington Post. -Insider
www.zerohedge.com/political/adidas-cut-dividend-80-after-losing-13-billion-severing-ties-kanye-west
- Israel Introduces A New Bill To Outlaw Teaching The Gospel of Jesus Christ and Imprison Violators
- Large investors tried to redeem, and Blackstone said “sorry, no”. There is no buyer. This is 2008 again.
- China will officially join Iran to arm Russia, “if Kyiv does not accept the Chinese peace plan”
- The Great Financial Collapse of 2023. Comparison of Bear Stearns’ collapse in March 2008 and Credit Suisse in March 2023.
- OPRAH STANDS TO LOSE $590 MILLION AFTER COLLAPSE OF SVB
- Deadly Fungus Spreading Rapidly Through Hospitals
- Sperm has been almost entirely replaced by spike proteins
- Sending Depleted Uranium Munitions To Ukraine Is A War Crime Against The Ukrainian People
- Mexico begins to Confiscate and Seize American business in Mexico
- Literally 20+ media taking images of two people
Views: 89