Adidas stuck with Yeezy gear after dropping Kanye

HERZOGENAURACH, Germany -- Adidas said Wednesday it was still weighing what to do with its huge inventory of Kanye West's Yeezy products after it ended its partnership with the controversial rapper.

Potentially not selling the apparel and shoes linked to West would lead to a revenue loss of 1.2 billion euros ($1.3 billion), the group said, announcing its 2022 full-year results.

Adidas halted its tie-up with West -- now known formally as Ye -- in October after he made a series of anti-Semitic outbursts.

As a result, the group ended production of the highly successful Yeezy line designed together with West.

"Should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward," it would have to write-off the entire inventory, it said.

That would lower the company's operating profit by an additional 500 million euros in 2023, it said.

Along with one-off costs projected to reach 200 million euros related to a company strategic review, Adidas said it could end up with an operating loss of 700 million euros in 2023.

Bjorn Gulden, the group's new chief executive, said the company will use 2023 as a "transition year to build the base for 2024 and 2025".

"We need to reduce inventories and lower discounts. We can then start to build a profitable business again in 2024," he said.

Next year was shaping up to be a key one for sporting apparel companies, with both the European football championships and the Olympic Games taking place.

Adidas on Wednesday also said net profit fell heavily by 83 percent to 254 million euros in 2022, confirming preliminary results released in February.

Besides its woes over the Yeezy line, it was also facing "elevated recession risks in Europe and North America as well as uncertainty around the recovery in Greater China."

"The company's revenue development will also be impacted by the initiatives to significantly reduce high inventory levels," it added.

Agence France-Presse

#KicksStalker: High schooler LaMelo Ball gets signature shoe

LOS ANGELES — Two of LaVar Ball’s sons now have their own signature shoe. The latest one has led to plenty of questions.

Big Baller Brand shoes announced Thursday that it is coming out with a shoe for LaMelo Ball, who is a junior in high school. It is the first signature shoe for a player still in high school.

The MB1, which costs $395, is available for pre-order and will ship in December. In May, Big Baller introduced its first signature shoe for Lonzo Ball, the former UCLA star was drafted second overall by the Lakers. Those go for $495.

LaMelo Ball, who plays for Chino Hills High School, would still be eligible under California Interscholastic Federation rules as long as he’s not wearing his team’s uniform or logo while appearing in any advertisements or promotions for the shoe.

The bigger concern is with the NCAA. LaMelo Ball has committed to UCLA, where he would start playing in 2019.

NCAA spokeswoman Emily James said in an email to The Associated Press that she could not speak specifically about LaMelo Ball but that his eligibility could be at risk if he directly profits from shoe sales.

“Generally speaking, a college athlete or prospect paid for use of their athletics reputation or ability risks their future eligibility in that sport,” James said. “This includes profiting from the sale of items bearing the young person’s name. NCAA rules, however, do allow prospects to promote commercial products prior to enrollment provided it is not for pay.”

LaVar Ball told ESPN on Thursday that his son’s amateur status is not a concern at the moment.

“Who cares? If he can’t play, then he can’t play. It doesn’t mean he’ll stop working out and getting better,” he said. “Maybe in two years they’ll change the rule and he’ll be able to the NBA straight out of high school.”

LaMelo Ball, a 6-foot-3 guard, averaged 26.7 points and 10 assists as a sophomore last year.

source: sports.inquirer.net

This Sportswear Brand Released a Sneaker Line for LGBTQ Pride Month

To celebrate Pride Month, Nike released three sneakers under the Be True collection as they continue to support the LGBTQ community—and of course, it features the colors of the rainbow.

The first of the three is their new colorway for the Air Max Zero which comes in all white, but with a subtle rainbow design on the heel. The tongue features a pink label and you’ll also see “Be True” on the insoles to complete the look.

Next up is the running staple LunarTempo2 that comes in contrasting black and white finished off with rainbow done in graphic prints along with a pink sole. Now this looks more like a party.

Finally we have the basketball performance model Hyperrev 2016 also done in contrasting black and white with the upper that features a gradient rainbow.

Hurry now and swipe these pairs as they will be available on the Nike SNKRS app today.

[Hypebeast and SneakerNews]


Photos courtesy of Nike

source: preen.inquirer.net