Group 1
Au Ka Chun, Thad
Chau Yee Ki, Joyce
Wong Ying Kit, Alpha
Lam Chak Fung, Alex
Ng Hio Tong, Toby
Lai Ka Yin, Rika
Adidas x Yeezy
Adidas collaborated with Yeezy, the fashion brand of Kanye West, a famous rapper, in 2015. "Yeezy Season 1," the first products released, was highly anticipated and a number of celebrities such as Rihanna were at the introductory fashion. Many deemed this collaboration as a success and the subsequent collections also achieved unprecedented success, including "Yeezy Season 3" which West claimed that the collection was selling out surprise 40,000-pair drops within minutes.
However, in 2022, West made several antisemitic remarks, stating "I can say antisemitic shit and Adidas cannot drop me," amd various brands started to cut ties with him. And Adidas also announced an end to the line afterwards. In February 2023, Adidas and West reached a deal to sell the remaining USD$500 million of Yeezy sneakers during the year. The remodeled contract will reportedly focus solely on selling the existing inventory of West's shoe line. In April 2023, The duo faced a USD$1 million class-action lawsuit filed by customers alleging they were misled by the limited availability of the sneakers. The lawsuit claims that the defendants engaged in deceptive marketing practices by falsely asserting that the sneakers were limited edition, causing consumers to purchase them at inflated prices. The plaintiffs argue that this led to financial damages for consumers when the sneakers became widely available at lower prices later. Until May 2023, Adidas revealed that the termination of its partnership with Kanye West resulted in a loss of 400 million Euros for the first quarter of 2023, representing a failure of the co-branding at the end. Due to concerns about brand image of its partner coorporates, which were unforeseen circumstances, Adidas took a proactive step to mitigate losses from a corporate perspective.
No comments:
Post a Comment