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Adidas claims: Losing Kanye West might result in a loss of more than $1 billion in sales

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Photo: Kanye West

Following the termination of its collaboration with musician and fashion designer Kanye West in November, Adidas issued a warning about the potential serious impact on its financial results.

According to the company’s new boss, if it decides not to sell its stock of Yeezy sneakers this year, it might lose hundreds of millions of dollars.

Ye, known as West, was fired by the sportswear giant after he made anti-Semitic remarks on social media.

Read also: Shunned By Disney, Johnny Depp Makes Massive Statement

The news is the fourth profit warning issued by the corporation since July.

Adidas stated that it was still deciding whether to trash its remaining Yeezy stock and that doing so would cost the company €500 million (£443 million) in lost profits.

The company estimates that restructuring the business will cost an additional €200 million. This might cause Adidas to experience an operational loss of €700 million this year. Nevertheless, the business anticipates turning a profit in 2024.

The business also said that its profit for the previous year had decreased to €669 million.

After West sparked a backlash with his anti-Semitic remarks, the business announced in October that it was ending the extremely lucrative agreement with him.

Adidas experienced other difficulties over the past year in addition to the decision to stop its collaboration with Yeezy, which had a significant negative effect on the company.

After his predecessor was fired as a result of a string of profit warnings, Mr. Gulden transferred from rival Puma to Adidas at the beginning of this year.

The company, which joined a host of international companies that withdrew from Russia in the wake of the invasion of Ukraine, said in March that it would shut down its physical locations there and cease operations for its online store.

Beijing’s draconian zero Covid policies, which resulted in the lockdown of major cities nationwide, had an adverse effect on the company’s business operations in China.

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Jay-Z’s net worth reaches $2.5 billion, extends lead as richest rapper alive

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JAY-Z has cemented his lead as the world’s richest rapper with a net worth of $2.5 billion.

The new figure is reportedly due to money for Armand de Brignac champagne and D’Usse cognac, a business venture that belonged to the rapper, until recently.

Interestingly, this increase in wealth comes without Hov, as he is often called, releasing a new album or going on tour.

Jay-Z’s net worth reaches $2.5 billion, extends lead as richest rapper alive

In February, it was announced that JAY-Z had reached a settlement in his legal battle with D’USSE.

According to Bloomberg, HOV and Bacardi managed to settle a multi-billion dollar lawsuit that saw the Brand buy Jay’s stake in the company for $750 million. However, the rapper is said to retain a “significant interest,” indicating the acquisition of JayZ’s majority stake while he retains a minority stake within the company.

JAY said in his statement, “Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,”

Jay-Z’s net worth reaches $2.5 billion, extends lead as richest rapper alive

According to TMZ, JayZ and Bacardi’s partnership began in 2011, and Hov intended to take over all of D’Usse’s books, records and deposits on drinks and accessories. Sources claimed that he also wanted physical inventory and process details.

The lawsuit states that the rapper “intended to monitor [Bacardi’s] business conduct to protect SC’s rights as a partner.”

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Tom Cruise avoids Will Smith to protect his own ‘reputation’ in Hollywood

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Tom Cruise avoids Will Smith to protect his own ‘reputation’ in Hollywood

Tom Cruise will be next seen in ‘Mission: Impossible – Dead Reckoning Part One’

Tom Cruise has reportedly been distancing himself from Will Smith. Sources close to the Top Gun: Maverick star have revealed that he’s not willing to risk his reputation following the King Richard actor’s infamous Oscars slapgate.

According to sources close to the actors, Smith, 53, has been trying to reconnect with Cruise in hopes of collaborating on a new project that would help revive his career.

However, Cruise, 60, has been avoiding Smith as he’s refused to respond to his messages. Hollywood experts believe that the Mission: Impossible star is concerned that associating with Smith could potentially harm his reputation.

“Will has approached Tom several times, trying to reconnect and see if they can hang out and brainstorm on some projects together. A solid movie with Tom would guarantee Will’s comeback, or so he thinks,” revealed insiders.

“Will has even offered to fly to London if that’s more convenient, but Tom isn’t biting and doesn’t even write him back.”

On the professional front, Smith was last seen in Emancipation, which earned critical praise and generated buzz in Hollywood.

Cruise, on the other hand, will be next seen in Mission: Impossible – Dead Reckoning Part One

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Storage Wars’ star Gunter Nezhoda dies aged 67 after losing battle with cancer just months after diagnosis

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Gunter Nezhoda died in sleep in Salt Lake City from lung cancer complications.

The ‘Storage Wars’ star Gunter Nezhoda has died aged 67 after losing his battle with cancer, just six months after his diagnosis.

Nezhoda died in his sleep in Salt Lake City on Tuesday night as a result of complications from lung cancer, his son and fellow ‘Storage Wars’ star Rene Nezhoda told TMZ.

Rene said Nezhoda was diagnosed with lung cancer in September after smoking for 30 years – but the chemotherapy treatment left holes on his lungs.

Nezhoda flew to Utah for an emergency surgery to treat his lungs, but medics said there was nothing more they could do for him, Rene said.

In a video, Rene said: ‘I’m telling you guys this because I know that you guys connected with my dad.

The ‘Storage Wars’ star Gunter Nezhoda (pictured right with his son Rene on Storage Wars) has died aged 67 after losing his battle with cancer , just six months after his diagnosis

My dad was one of the guys on Storage Wars that never really got any hate, people just loved him and being around him, including the crew.

‘Everybody loved working with my dad, so I appreciate the support.

‘A lot of people have been asking how my dad is doing and I just haven’t really talked about anything because we kept it private and we thought he was going to fully recover but unfortunately he didn’t.

‘He was 67 years old and all the love that you guys have shown him and support he really appreciated that.

‘And so hopefully he’s up there in heaven with my mom, dancing again with no more pain.’

Rene said Nezhoda’s son, Ricky, was with him when he passed away on Tuesday.

Gunter, who was born in Vienna and then lived in Frankfurt, Germany for ten years before moving to Las Vegas in 1990, starred in seven episodes of ‘Storage Wars’ from 2015-2019.

He was also a movie star and worked on Bass with the musicians Pat Travers, Leslie West, Michael Schenker, George Lynch, and Kevin Dubrow.

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