Posted on 12/27/2022 2:15:05 PM PST by algore
When Adidas ended its lucrative partnership with Kanye West in October after a global outcry over his anti-Semitic remarks, former managers felt they had finally been vindicated.
Top staff had warned internally for years that the German sportswear group was over-reliant on the Yeezy trainers franchise it ran with the US rapper and fashion designer also known as Ye.
“Behind the scenes, things with Ye were bad already for a long time,” one former manager told the Financial Times. “He was constantly misbehaving — changing his mind, postponing projects, not respecting Adidas timelines.”
Founded in 1949 by Adolf “Adi” Dassler, whose brother Rudolf launched Puma the same year, Adidas has risen to become the world’s second-biggest sportswear company, behind Nike.
But when longstanding Puma boss Björn Gulden steps up to the top job at Adidas next month, he will inherit from Kasper Rørsted a company in crisis whose shares have plunged 54 per cent in a year.
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Ye’s departure, a move set to erase half the group’s 2022 earnings that was announced alongside a third profit warning in four months, came on the back of two other shocks — a sales plunge in China and its withdrawal from Russia, another important Adidas market.
“We have lost three profit pools in one year,” said one senior manager.
(Excerpt) Read more at ft.com ...
“I prefer my kids knew Hannukah from Kwanzaa. At least it will come with some financial engineering.”
"I just think that’s what they’re about, is making money,”
“Planned Parenthood was made by Margaret Sanger, a known eugenics, with the KKK to control the Jew population. When I say Jew, I mean the 12 lost tribes of Judah, the blood of Christ, who the people known as the race Black really are. This is who our people are.”
They had luster?
All day I dream about...
I don’t care. Adidas is far better than Nike, imho.
“a company in crisis...” Yeah, right. Ignorant people make mountains out of molehills and give emergency status to every little problem. Adidas is fine. Proof: the Adidas store in Citadel outlet mall in Los Angeles is always busy. Sure, Kayne is a nightmare and so is Phil Knight. Sad how all shoe companies use slave labor in China where workers live in concrete huts, lack clean water and get exploited by people like Kayne and Phil Knight.
Adidas vs Puma: The story of the Adidas and Puma brothers
https://fabrikbrands.com/adidas-vs-puma-the-adidas-and-puma-brothers/
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