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Adidas turns to Yeezy after dropping rapper Ye

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Adidas announced its plan to release a second batch of exclusive Yeezy sneakers following its separation from rapper Ye, formerly known as Kanye West.

The German sportswear brand aims to address the issue of unsold shoes while simultaneously supporting organizations fighting antisemitism.

The online sale is scheduled to begin on Wednesday through Adidas’ smartphone apps and official website, building on the success of the initial sales in May. The models available in this release include the sought-after Yeezy Boost 350 V2, 500, and 700, as well as the Yeezy Slide and Foam RNR.

The decision to cut ties with Ye came after he made offensive remarks, including antisemitic comments, both online and during interviews. This left Adidas with a substantial inventory of unsold Yeezys amounting to 1.2 billion euros ($1.3 billion), prompting them to seek a responsible solution for handling the surplus stock.

Dropping Ye

Adidas CEO Bjørn Gulden emphasized in May that selling the popular sneakers and donating a portion of the profits was the most suitable approach to tackle the unsold inventory while making a positive impact.

The company consulted with non-governmental organizations and groups affected by Ye’s controversial comments and actions.

A part of the profits generated from the Yeezy sales will be contributed to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, an organization run by social justice advocate Philonise Floyd, George Floyd’s brother.

To demonstrate solidarity in rejecting antisemitism, Adidas will include blue square pins from Robert Kraft’s Foundation to Combat Anti-Semitism with shoes sold directly in North America.

While Adidas did not provide specific details on the number of shoes to be released or the exact amount to be donated, they assured that they would honor contractual obligations regarding Ye’s royalties.

The first sale of Yeezy shoes had a positive impact on Adidas’ preliminary second-quarter financial results, leading the company to improve its outlook for the year. Instead of a high single-digit decline in revenue, they now anticipate a mid-single digit decline, resulting in an operating loss of 450 million euros (approximately $494 million) rather than 700 million euros.

Adidas looks forward to its upcoming earnings report for the first half of the year and is optimistic that future Yeezy sales will further contribute to boosting their results.

 

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Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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