The Latest Breaking News from Bjorn Gulden

Investors have been asking for Adidas' plan to repurpose unsold Yeezy products for months. On Friday, the company said it would likely settle on a plan in the "mid-term."

Seven months after cutting ties with the rapper, Adidas is sitting on a $1.3 billion pile of unsold shoes.

Adidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’s breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it $441 million in lost sales

Beyoncé and Adidas entered a creative partnership in 2018 when she relaunched her activewear brand Ivy Park, but sources claim the line had not met financial expectations

CEO Bjorn Gulden said selling the popular line of shoes would mean paying royalties to Ye, who was dropped by Adidas five months ago after making antisemitic remarks on social media and in interviews.

In October, Adidas cut ties with Ye, formerly known as Kanye West, over the rapper's antisemitic remarks. The company's inability to sell his popular Yeezy line of shoes helped batter earnings.

Adidas’ breakup with the rapper formerly known as Kanye West and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year

"We need to put the pieces back together again, but we need some time,” said new CEO Bjorn Gulden.

Adidas reportedly was made aware of Ye’s “problematic behavior” but ignored the allegations and “turned their moral compass off.”

The Norwegian had served as senior vice president of apparel and accessories at Adidas in the 1990s before joining Puma.

German sportswear maker Puma reported stronger than expected second-quarter earnings on Wednesday on "very strong growth" across its product range and raised its revenue outlook for the full-year 2022. The company said its earnings before interest and taxes (EBIT) rose by 34.4% on the year to 146 million euros ($148.06…