ADIDAS AG NA O.N

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Important events

Oct 262022

A matter of principal vs profit

The fallout from Kanye West’s anti-Semitic comments continues as brand’s begin to choose their principals over their profits.

  • Adidas has officially ended its lucrative partnership with Kanye West, saying it does not tolerate hate speech after the rapper – who’s changed his name to Ye – made headlines for his anti-Semitic comments earlier this month, angering not only his fans and the broader population but many of the companies he has fashion ties with as well.
  • Adidas stands to lose up to up to $650m after dropping Kanye and his popular Yeezy line – though the company has indicated that it may continue selling the products without the rapper’s name attached. Yeah, cause he’s gonna take that really well. The German brand’s stock dropped 7% on Tuesday as investors grappled with the impact on the balance sheet.
  • Turns out business is in fact personal sometimes and Adidas isn’t the only one swapping profits for principals. Balenciaga and Vogue have cut ties, his talent agency and lawyer have dropped him, both Instagram and Twitter have restricted his account, and his streams and sales have plummeted – all this also means he is no longer on the Forbes billionaire list.
Chriatian Enriquez / Pexels

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Dec 212021

Adidas apologizes

Adidas is getting super involved in the whole Metaverse thing, but an NFT stunt backfires after a technical error burns buyers.

  • Adidas jumped on the NFT bandwagon last week, selling 30,000 of its "Into the Metaverse" collection of NFTs for ETH0.2 each.
  • But a technical glitch delayed the minting process, which meant a bunch of transactions failed – leaving buyers stuck with high gas fees and nothing to show for it.
  • Adidas has apologized and promised that the gas fees will be refunded. Didn’t stop the stock dropping over 3% on Monday though.

Those who think we’re going to pocket the money and run, that’s not Web3. Have faith. Those who felt the timezone wasn’t in your favor, our journey here is just beginning.