Adidas on Wednesday lowered its earnings forecast for the year to account for losses from ending its partnership with the rapper formerly known as Kanye West over his antisemitic remarks. Know more:
Adidas owns the rights to product designs except for the Yeezy name and is developing plans for what to do with existing inventory.
“In other words, it does not include any further central cost allocation for sourcing, digital, retail, or any other services that this part of our business has been benefitting from and that were essential for its success,” Ohlmeyer said. The Yeezy brand accounted for up to 15% of Adidas’s net income, Morningstar analyst David Swartz said in a note October 26.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Changing world order - BusinessMirror“All great changes are preceded by chaos.”—Deepak Chopra THE past months and those to come must be a long, agonizing period for most of global economic leaders including our own. Complications brought about by the pandemic, the Ukraine war, geo-political concerns, climate change, seeming untamed inflation, recession and more bring the world in the midst
Read more »
BSP issues standard loan filing by MSMEs - BusinessMirrorTHE Bangko Sentral ng Pilipinas (BSP) has now standardized and streamlined the business loan application form to allow micro-size, small-scale and medium-scale enterprise (MSME) greater access to funding. BSP Circular 1156 provides a borrower-centric Standard Business Loan Application Form (SBLAF) that makes the MSME loan application process more transparent and efficient. “The SBLAF is, likewise,
Read more »
Zark Varona: The rise of Manila’s burger baron - BusinessMirrorAT 23 years old, Rolandrei Viktor “Zark” Varona opened Zark’s Burgers in 2009—pouring his hard-earned money from working overseas in the kitchen of a cruise ship—to open his dream restaurant at a modest 15-seater space along a university avenue in Manila. Equally important while working on board the ship was his objective to get a
Read more »
Ayala Land profit surges in January-September - BusinessMirrorProperty developer Ayala Land Inc. (ALI) on Tuesday said its attributable income in January to September went up by more than 50 percent to P13.34 billion from last year’s P8.58 billion as business and consumer activity accelerated. Consolidated revenues for the period grew 19 percent to P86.31 billion from the previous year’s P72.6 billion. For
Read more »
Local, foreign telcos to build subsea cable - BusinessMirrorFilipino and foreign telcos are investing $300 million to build a submarine cable system in Southeast Asia that will upgrade local data capacities. In a joint statement, Globe Telecom Inc., Dito Telecommunity Corp., China Telecom Global Ltd. (CTG), Singapore Telecommunications Ltd. (Singtel), and Unified National Networks Sdn Bhd (UNN) said they are building the multimillion-dollar
Read more »
LandBank forum underscores govt support for agrarian reform beneficiaries - BusinessMirrorTHE Land Bank of the Philippines (LandBank) gathered small-scale farmers and fishermen, agrarian reform beneficiaries (ARBs) and their organizations to discuss the National Government’s development plan towards building sustainable and resilient agrarian reform communities. Department of Agrarian Reform (DAR) Bureau of Agrarian Reform Beneficiaries Development (BARBD) Director Ronald M. Gareza and LandBank Program Management Department
Read more »