June 14, 2024

Sporting Goods: Adidas Wants to Sell Kanye West Products and Donate Money – Entertainment

The Anti-Defamation League supports the projects

Adidas immediately received approval from the Anti-Defamation League, an American organization that has been campaigning against discrimination and defamation of Jews for decades.

“At a time when anti-Semitism has reached historic levels in the United States and is on the rise around the world, we appreciate how Adidas has turned a negative situation into a very positive outcome,” said the organization’s CEO, Jonathan Greenblatt. “The company has shown real wisdom by partnering with community organizations dedicated to combating this vicious and persistent hatred.”

The rapper launched expensive lifestyle products with Adidas – a very profitable business for both sides. “When I was still with the competitor, I just sat there with wide eyes,” CEO Bj√∂rn Gulden said recently at the balance sheet press conference. “Yeezy” means billions in sales for Adidas, especially in the US, with a very high profit margin.

It’s about 700 million euros

After anti-Semitic statements from the West and significant pressure from abroad, Adidas was forced to stop cooperation, as well as sales of products. If the products still in stock were completely destroyed, it reduced the annual result by up to 700 million euros.

Adding to the difficulty is a class action lawsuit brought by US investors accusing Adidas of not acting in a timely manner. One might have known earlier what the risks of working with the West are. At the general meeting, some shareholders refused to agree to the actions of the Board of Directors and the Supervisory Board.

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