, Columnist
Adidas Needs the Last Yeezy Shoe to Drop
The German sportswear giant just revealed €700 million worth of bad news. New CEO Bjorn Gulden has to prove there are no more ugly surprises.
Bundle up.
Source: Bloomberg
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What’s the sneaker equivalent of a kitchen sinking? Clearing the old Yeezys from the back of the closet.
The strategy of getting all of the bad news out at once is one that new Adidas AG Chief Executive Officer Bjorn Gulden has adopted quickly. Adidas said late Thursday that its operating loss this year may reach as much as €700 million ($749.9 million) if it has to write off all existing Yeezy inventory.