List of All Articles with Tag 'd'

After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjørn Gulden said Thursday. Adidas cut ties with Ye, the rapper formerly known as Kanye West, in late October, following his antisemitic comments on social media and in interviews. As a result, the fate of 1.2 billion euros ($1.3 billion) worth of the unsold Yeezys, a lucrative sneaker line launched with Ye, was unknown. At Adidas' annual shareholders meeting, Gulden said the company had spent months trying to find solutions. The CEO also added that Adidas spoke to NGOs and organizations that were harmed by Ye's comments and actions. “Burning those shoes cannot be the solution,” Gulden said, noting that Adidas was going to try to sell part of the remaining Yeezy inventory and “donate money to the organizations that help us and were harmed by what Ye said.” Exact details of this plan — including how many shoes will be sold and the timeline of selling them — remain unknown. Gulden said the company will provide updates as they moves forward. The move comes as Adidas is trying to stage a comeback and move beyond the Yeezy partnership. Cutting ties with Ye has cost Adidas hundreds of millions of dollars — with the company taking a loss of 600 million euros ($655 million) in sales for the last three months of 2022, helping drive the company to a quarterly net loss of 513 million euros. Adidas reported 400 million euros ($441 million) in lost sales at the start of 2023, the company announced last week. Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago. Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier. Meanwhile, Adidas is also facing a class-action lawsuit from investors who allege the company knew about offensive remarks and harmful behavior from Ye, years before terminating its pact with him. Adidas has pushed back on the allegations made in the lawsuit. Still, Gulden reminded investors that the nine-year partnership Adidas and Ye was “sensational." While he noted that Ye is a difficult person, “he's the most creative person in our industry,” Gulden said. “He created a model with Adidas that was sought after around the world.” But he added, “We lost that in a month." _________ AP Business Writer David McHugh in Frankfurt, Germany, and AP Retail Writer Anne D'Innocenzio in New York contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Adidas breakup with rapper Ye, lost Yeezy sales hit earnings Putin’s spokesman threatens ‘adequate response’ over UK missile pledge – live Boost for Erdogan rival as struggling candidate quits Turkish election race

China and Australia’s trade ministers will hold their first in-person economic dialog since 2019 on Friday as Canberra

The government came to power a year ago promising greater action on climate change.

Pro Football Hall of Fame quarterback Brett Favre has withdrawn his lawsuit filed earlier this year against sports commentator and former NFL punter Pat McAfee, according to statements from the two on Thursday.

Deputy Secretary of State Wendy Sherman is expected to depart her post this summer, three sources familiar with the matter told CNN.

Two men at the centre of a scandal that rocked the world of competitive fishing get their punishment.

Oil rose - following a two-day decline — as the US signaled it may start refilling the Strategic

A federal judge in Virginia has ruled that a law banning licensed federal firearms dealers from selling handguns to young adults under 21 violates the Second Amendment and is unconstitutional

A California state senator and member of a historic task force studying reparations proposals for African Americans says it could be tough to pass large payments for eligible residents

The fate of “doomsday cult mom” Lori Vallow is in the hands of the jury as her dramatic murder trial draws to a close. Closing arguments concluded in Ada County Courthouse, Boise, Idaho, and the jury of seven men and five women began deliberations on Thursday afternoon before concluding four hours later. While the judge banned cameras from the courtroom, the hotly-anticipated verdict will be livestreamed. Ms Vallow, 49, is charged with first-degree murder, conspiracy, and grand theft over the deaths of her daughter Tylee Ryan, 16, son Joshua “JJ” Vallow, 7, and her new husband Chad Daybell’s first wife Tammy Daybell, 49. Tylee and JJ were last seen in September 2019. In June 2020, their remains were found buried on the Daybell property. Tammy died one month after their disappearance in October 2019. Over the last six weeks, prosecutors laid out their case that Ms Vallow conspired with Mr Daybell and her brother Alex Cox to kill the three victims – as part of their doomsday cult beliefs and greed. Ms Vallow, meanwhile, made the shock decision not to offer any defence in the trial. Instead, turning on Mr Daybell via her attorney during closing arguments. Read More Cult beliefs, hazmat suits and charred remains: Key revelations from Lori Vallow’s murder trial What we know about the Lori Vallow Daybell ‘doomsday cult’ murder trial Lori Vallow trial verdict will be livestreamed, judge rules after banning video of testimony

Florida Republican Gov. Ron DeSantis signed a bill into law Thursday that exempts records related to his travel from the state's robust public disclosure law.

Cindy McCain tells the BBC's Sunday with Laura Kuenssberg programme the deal must be renewed by 18 May.