{"id":561056,"date":"2023-03-08T18:20:37","date_gmt":"2023-03-08T15:20:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/adidas-earnings-take-beating-on-breakup-with-ye-china-slump\/"},"modified":"2023-03-08T18:20:37","modified_gmt":"2023-03-08T15:20:37","slug":"adidas-earnings-take-beating-on-breakup-with-ye-china-slump","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/adidas-earnings-take-beating-on-breakup-with-ye-china-slump\/","title":{"rendered":"#Adidas earnings take beating on breakup with Ye, China slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c596c1942c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c596c1942c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/adidas-earnings-take-beating-on-breakup-with-ye-china-slump\/#Adidas_earnings_take_beating_on_breakup_with_Ye_China_slump\" >Adidas earnings take beating on breakup with Ye, China slump<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Adidas_earnings_take_beating_on_breakup_with_Ye_China_slump\"><\/span>Adidas earnings take beating on breakup with Ye, China slump<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>FRANKFURT, Germany (AP) \u2014 Adidas&#8217; <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/apnews.com\/article\/adidas-ends-kanye-west-partnership-7425f65ea39f7bbdd02d0e033d9be4b8\" data-ylk=\"slk:breakup with the rapper formerly known as Kanye West;cpos:1;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">breakup with the rapper formerly known as Kanye West<\/a> and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year, leading to a net loss of 513 million euros ($540 million).<\/p>\n<p>The fourth-quarter loss, also attributed to higher supply costs and slumping revenue in China, contrasts with a profit of 213 million euros in the same period a year ago, the German shoe and sportswear maker said Wednesday.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/apnews.com\/article\/kanye-west-europe-business-germany-c91f86580521fa81920b4f69e100f6ec\" data-ylk=\"slk:More losses could be ahead;cpos:2;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">More losses could be ahead<\/a> as the company forecast a 500 million-euro hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock. The company is predicting a 2023 operating loss of 700 million euros.<\/p>\n<p>Adidas split with Ye in October following <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/apnews.com\/article\/kanye-west-technology-business-8ecf877dc564e492dc9018fc6812d32f\" data-ylk=\"slk:the rapper's antisemitic remarks on social media;cpos:3;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">the rapper&#8217;s antisemitic remarks on social media<\/a> and in interviews, facing pressure along with other brands to end ties. The company is now gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ling to find ways to replace its banner Yeezy line, which analysts have said amounted to as much as 15% of its net income.<\/p>\n<p>CEO Bjorn Gulden said in a statement that 2023 would be \u201ca transition year\u201d and \u201cwe can then start to build a profitable business again in 2024.\u201d<\/p>\n<p>Fourth-quarter net sales were up a bare 1.3% at 5.21 billion euros from the same quarter a year ago, held back by around 600 million euros in lost revenue by the decision to halt the partnership with Ye.<\/p>\n<p>The company also cited a revenue drop in China of about 50% and higher costs for supplies and shipping, which could not be offset by higher prices.<\/p>\n<p>For the full year, the Herzogenaurach, Germany-based company said it made net profit of 638 million euros on sales that rose 6%, to 22.5 billion euros.<\/p>\n<p>The company also said it would be <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/apnews.com\/article\/kanye-west-entertainment-europe-83c221c3ab8c790c7789f050295067d7\" data-ylk=\"slk:replacing its top sales and marketing executives;cpos:4;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">replacing its top sales and marketing executives<\/a>. Global sales head Roland Auschel will leave the company after 33 years and be succeeded by Arthur Hoeld, now head of the Europe, Middle East and Africa region.<\/p>\n<p>Brian Grevy, head of global brands, will step down March 31. CEO Gulden will take responsibility for his product and marketing activities.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/finance\/adidas-earnings-beating-breakup-ye-152037419.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adidas earnings take beating on breakup with Ye, China slump FRANKFURT, Germany (AP) \u2014 Adidas&#8217; breakup with the rapper formerly known as Kanye West and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year, leading to a net loss of 513 million euros ($540 million)&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":561057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/jqV9714R9pH64y5BYN0Zvw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD04MDA-\/https:\/\/media.zenfs.com\/en\/ap.org\/6f8a38b0c7f87a800d55a4ac61bf3a07","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-561056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561056"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561057"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}