Adidas shareholders sue over the collapse of its Yeezy partnership

Adidas announced on Friday that it plans to sell off the Yeezy products it has been sitting on ever since its partnership with Kanye West collapsed last year, with “a significant amount” of the money generated going to organisations that combat discrimination and hate.The sportswear company announced in October that it was terminating its long-running and very profitable alliance with West after his increasingly controversial racist and antisemitic statements made the partnership untenable. The sudden axing of the deal around West’s Yeezy brand left Adidas sitting on a lot of unsold stock and the company has been figuring out what to do with it ever since.Friday’s announcement said that some of that stock will now be put on sale via the Adidas website and app before the end of this month.

Kanye West Yeezy shoes will benefit organisations fighting antisemitism.Last year, Adidas cut ties with West and his Yeezy brand after the rapper shared a string of hate-fuelled rants aimed at the Jewish community.“Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” said Adidas at the time.Earlier this month, Adidas’ CEO Bjørn Gulden said that the decision was “hurting” the business and revealed they would be selling the remaining stock [worth an estimated £960million], with proceeds set to be donated to the organisations “that help us and were harmed by what Ye said”.It’s now been confirmed that proceeds will go to “leading anti-hate organisation” The Anti-Defamation League which is the “global leader in combating antisemitism, countering extremism and battling bigotry wherever and whenever it happens”.The Philonise & Keeta Floyd Institute for Social Change, which was founded by George Floyd’s brother Philonise, will also receive money from the sale of Yeezys.

Is Kanye West seriously trying to revive his career after everything he’s done???

Beyoncé’s side. After her Renaissance would tour earlier this month, Beyoncé for the team behind the massive production, and among the choreographers, producers, dancers, and tour managers was the name Natalia Bryant, who is credited as an intern. The 20-year-old daughter of the late Kobe Bryant recently wrapped her sophomore year at the University of Southern California and apparently nabbed the most coveted internship in all the land at Parkwood Entertainment, the record label and management company Bey founded in 2008. This content can also be viewed on the site it from.When she isn’t working hard and studying harder, Natalia Bryant has a side gig as a model. In 2021 she appeared in a promo video for Beyoncé'’ Halls of Ivy Adidas collection and referred to Bey as in her Instagram post about the gig.

Sony Pictures Classics announced today they have acquired all rights in the United States, Canada, Latin America, Scandinavia, India, Middle East, Turkey, Southeast Asia (excluding Taiwan and South Korea) and airlines within those territories to Fernando Trueba and Javier Mariscal’s upcoming Bossa Nova-themed animated film, “They Shot the Piano Player.” Sony Classics plans to release the film at the end of the year to qualify for year-end awards consideration.A true international production, the film is produced by Cristina Huete of Trueba PC (“Chico & Rita”) in Spain, along with Serge Lalou for Les Films d’Ici (“Josep”) in France, Janneke van de Kerkhof for Submarine Sublime (“Buñuel in the Labyrinth of Turtles”) in the Netherlands, and Humberto Santana in Portugal. It is executive produced by Nano Arrieta of Atlantika and Fabien Westerhoff of Film Constellation.From Fernando Trueba and Javier Mariscal, who previously directed the Oscar-nominated “Chico & Rita,” “They Shot the Piano Player” is narrated by Jeff Goldblum.

Sony Pictures Classics has picked up rights to the animated feature They Shot the Piano Player for the U.S., Canada, Latin America, Scandinavia, India, the Middle East, Turkey, Southeast Asia (excluding Taiwan and South Korea) and airlines within the aforementioned territories. The film from Fernando Trueba and Javier Mariscal, two of the directors behind the Oscar-nominated animated feature Chico and Rita, is set up for a fall awards push from SPC.

Alison Herman TV Critic In 2020, the Academy Award for Documentary Feature went to “American Factory,” a portrait of a former General Motors plant taken over by Fuyao, a Chinese company that lowered safety standards and pay while fiercely resisting unionization. The Oscar was a victory not just for filmmakers Steven Bognar and Julia Reichert, but for the company that acquired “American Factory” as its first major feature: Higher Ground, the production outfit of former President and First Lady Barack and Michelle Obama. The new Netflix series “Working” — subtitle: “What We Do All Day” — is inspired by the Studs Terkel book of the same name, published in 1974. But it’s also an informal sequel of sorts to “American Factory,” making many of the same points about the evolution of labor and the erosion of the middle class. “Working” also shares with its predecessor the same inherent tensions that stem directly from the Obamas’ sign-on. In the case of “Working,” the country’s 44th commander in chief is more than just a name in the credits; he’s also the narrator and on-camera host, reprising his dual role from prior Higher Ground series “Our Great National Parks.” That hands-on involvement only underlines the nature of “Working,” and Higher Ground projects as a whole. It’s a stand-alone political message that’s also a piece of a larger political legacy. Inevitably, the latter overshadows and complicates the former.

If you're a fan of Kanye West's Yeezy 450 trainers, but don't want to pay the hefty price tag, then it looks like Debenhams has a similar pair that will save you the money.

, a baseball cap, and (she’s a fan of Adidas Sambas, an It-girl favorite). But on closer inspection, fashion fans can always clock the discreet-yet-chic additions that make her a street-style star.While spending Mother’s Day with her parents in the Big Apple over the weekend, the  was spotted wearing a white T-shirt, a white button-up shirt tied around her waist, slouchy cargo pants (this throwback trouser trend is having a moment), and a floppy bucket hat.

is joining a long list of suitors hoping to cash in on the gambling market after New York City was recently approved for a gaming license. The hip-hop artist and entrepreneur released a long-winded statement on Instagram Thursday from his entertainment company Roc Nation with the headline: “It’s Time, Times Square.” In an open letter to New York, Jay-Z makes his case for why he should be the one applicant granted the license, stating that others in the running have “spread misinformation.” He’s vying for what is predicted to be a single license to open a legal casino in the city.

like or barely-there espadrilles when temperatures are soaring, kicks offer classic good looks and give you plenty of support when you’re out walking or biking everywhere. (Plus, they don’t create bizarre tan lines.)Yes, sneakers can be worn any time of year—just look to our trusty —but this is the season to get a bit more vibrant with your picks.

Now that summer is almost upon us, it is time to start thinking about the summer holidays.

is finally back with season 2. The world's fiercest competition, which sees each drag queens debuting a new musical number in front of a live audience and a «Pop Dival Panel» of judges, returns to Paramount+ on Friday, June 2. And among this year's contestants are queens from nine countries including the United States, Mexico, Brazil, the Netherlands, the Philippines, Israel, the United Kingdom, Italy and Australia. Executive produced by RuPaul and hosted by Graham Norton, follows some of the world's most talented performers as they battle it out for global domination during head-to-head singing battles spotlighting their wide range of talent.

Danna Paola is surprising her fans in the United States! The Mexican star is preparing for the continuation of her XT4S1S Tour, which includes dates in Los Angeles, Miami, New York City, and more.“Bringing my music live for the first time to the U.S. is a dream come true and it is a very big door for me at this time of my career,” she revealed to Rolling Stone.Danna shared the exciting news, following her sold-out shows in Mexico, “I can’t wait to see you and sing together for the first time.” The fan-favorite star will begin her tour on August 11, in San Jose, California.

Adidas is currently figuring out what to do with its stock of unsold Yeezy shoes worth $1.3 billion, Billboard reports. The company ended its association with Yeezy founder Kanye West after his spate of anti-Semitic comments in late 2022.

Adidas has a major Yeezy problem right now!

severed partnership with Kanye West and his Yeezy brand is “hurting” the business.Bjørn Gulden said that the loss of Yeezy is “of course hurting us”, particularly sales in North America, which have seen a 20 per cent loss. The Yeezy loss cut sales by €400m (£350million) in the first quarter of 2023.BBC News reports that, overall, total revenue fell by 1 per cent.It follows Adidas cutting ties with West after he made a series of remarks last year that were viewed as anti-Semitic.

Kanye West has reportedly opened a new Yeezy office in Los Angeles next door to a building owned by Adidas.West partnered with Adidas under the Yeezy banner in late 2013, with their first joint collection then debuting in 2015.Last year, Adidas ended its long-running partnership with West and Yeezy in October over the rapper’s string of antisemitic comments, with the brand calling his actions “unacceptable, hateful and dangerous”.Now, a post from fan site Donda Times appears to reveal that the new Yeezy office is located on Los Angeles’ Melrose Avenue, between Laurel and North Edinburgh streets.All that separates the new office from the Adidas building is a hairdressers.A post shared by HipHopDX (@hiphopdx)Back in February, Adidas warned of potential major profit losses after severing ties with West last year.Following a “thorough review”, it was confirmed that the brand would immediately stop production of its line of Yeezy products and halt payments to the artist and his companies.Adidas said that it was expected to take a hit of up to €250million (£217million) to its net income in 2022 as a result of the decision. Now, as BBC News reports, Adidas has published its financial guidance for 2023 in which the sports giant refers to “the significant adverse impact from not selling the existing [Yeezy] stock”.Last November, it was reported that Adidas’ chief executive and other senior figures at the company had talked about the potential fallout from its relationship with West as long as four years prior.It came after a report from Rolling Stone made claims over the treatment of employees at Yeezy, with some ex-staff alleging a “cult-like atmosphere” at the brand’s office.

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Adidas shareholders have filed a class action lawsuit against the company, claiming bosses at the sportswear knew about Kanye West’s unprofessional and offensive behaviour years prior to the company ending its partnership in 2022 over his antisemitic comments. The Guardian and Rolling Stone both report that the shareholders also accuse Adidas of failing to mitigate their financial losses when calling time on the Adidas and Yeezy partnership.