SPORTSWEAR giant Adidas warned that dropping Kanye West’s line of Yeezy products could cost it almost £1billion.
Adidas cut its ties with West, now known as Ye, last year over the rapper’s anti-Semitic comments.
GettyAdidas warned that dropping Kanye West’s line of Yeezy products could cost it almost £1billion[/caption]
It said the decision to stop production of his previously popular trainers will hit operating profits by £441million.
If it scraps the remaining Yeezy stock, it faces another £441m blow — forcing the company yesterday to issue its fourth profit warning in less than six months.
Shares fell by more than ten per cent after bosses said it will “need some time” to make the company “shine again”.
Adidas Yeezy trainers, right with Ye, are selling for as much as £13,500 on resale site StockX.
BANK BINS BID
FEVERISH speculation about a potential £29billion takeover of Standard Chartered has fizzled out almost as soon as it started.
Abu Dhabi Bank yesterday ruled out buying the London-listed bank, sending shares down five per cent.
It is now blocked from making an offer for six months unless invited.
SUPER STUFF FOR FLUTTER
IRISH gambling firm Flutter expects to take 17million Super Bowl bets this weekend.
ReutersKansas City Chiefs quarterback Patrick Mahomes[/caption]
The company’s US Fanduel brand is set for a bets boost.
Around 60 per cent are on favourites Philadelphia Eagles, who take on Kansas City Chiefs star Patrick Mahomes.
AXE AT YAHOO
ONLINE search engine Yahoo is axing 20 per cent of its workforce.
Boss Jim Lanzone said the 1,600 cuts — mostly in advertising — would create a “better business plan”.
Tech firms that boomed during lockdowns are rushing to cut costs as sales slump. Around 200,000 jobs have gone in the past three months.