Adidas Loses Billions 💸

After the split between Adidas and Kanye West in October of 2022, the artist publicly mentioned that he lost over $1.5 billion dollars. GAP, Balenciaga , and Vogue followed suit and terminated their partnerships with him causing even more damage.

Kanye lost a multi-billion dollar contract over a tweet. However, Adidas lost their most successful collaborator and over a billion dollars in revenue in order to maintain their reputation.

(Photo credits to Alex Haney)

Adidas just announced in a press release that the company is projected to lose €1.2 billion if they do not move their remaining Yeezy inventory. Also if Adidas does not repurpose their remaining Yeezy products, this would result in a write off of their remaining Yeezy inventory and lower the company's operating profit by €500 million this year.

The unfortunate news does not get any better as the brand also struggled to hit their target goal with their IVY Park line by $210 million. Within the past 5 of 6 drops of the IVY Park line, it was estimated that nearly half of the merchandise produced did not sell.

The question moving forward is, how does Adidas plan to bounce back from this major set back? To find out what happens next and the latest sneaker news follow @swiftsole.

PJ Tucker Nike Air Flight 89 Low Sky Blue Drops May 5th

10 hours ago

PJ Tucker's Second Nike Collab Takes FlightThere are a handful of people you can mention when it comes to an outstanding and mind blowing sneaker collection. Some think of Fat Joe, Mayor, Kenny Gonzales aka The Perfect Pair to name a few. However, in the realm of athletes, its hard to compete to PJ Tucker. As one of the reigning sneaker kings in the athlete realm, the NBA star continues to elevate his status with the imminent release of his second Nike collaboration. PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ Tucker PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ TuckerNike Bastketball and PJ Tucker partnering up again for another collaboration It was four years ago that PJ Tucker was given his own special colorway on the Nike Zoom Kobe 5 Protro PJ Tucker PE. Now he is teaming up with Nike Basketball once again, as the two are set to commemorate the 35th anniversary of the Nike Air Flight 89 with a special collaborative sneaker. PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ Tucker PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ Tucker PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ TuckerPJ Tucker Nike Air Flight 89 Low Sky Blue details and storyDubbed the PJ Tucker x Nike Air Flight 89 Low "Sky Blue," this upcoming release draws inspiration from Tucker's personal journey and roots in Raleigh, North Carolina. The serene baby blue hue pays homage to his hometown, while subtle details tell the story of his basketball career evolution. As a former overseas pro turned NBA star, Tucker's path is reflected in the shoe's design elements, including a sky-patterned rolling luggage that accompanies the release. The shoe's elephant print-like nubuck upper and "Flight PJ 17" branding embroidered on the heel add an air of sophistication, while the sky motif graces the insole and shoe box. PJ Tucker Nike Air Flight 89 Low Sky Blue via PJ Tucker via The Better GenerationRelease details on the PJ Tucker Nike Air Flight 89 Sky BlueWhile an official release date for the PJ Tucker x Nike Air Flight 89 Low "Sky Blue" has yet to be announced, sneaker enthusiasts can expect the pair to drop on SNKRS and select retailers later this year. To ensure you secure your pair at retail price upon release and also to stay alerted with all the release updates and information, be sure to download the SwiftSole Mobile App.

Nike Headquarters Laying Off 740 Employees

1 day ago

Nike Announces Layoffs at Beaverton HeadquartersNike, the global sportswear giant headquartered in Beaverton, Oregon, has disclosed plans to lay off 740 employees at its main campus. This decision comes as part of the company's ongoing restructuring efforts and was revealed in a mandatory filing with Oregon’s Office of Workforce Investments. NIKE HQ BEAVERTON, OREGONSecond Wave of Layoffs Hits NikeThis announcement marks the second round of layoffs for Nike this year. In February, CEO John Donahoe unveiled plans to reduce the global workforce by 2%, resulting in approximately 1,600 job cuts. Before June 28th, Nike plans to let go of at least 740 employees. NIKE HQ BEAVERTON, OREGONImpacted Departments and TimelineThe latest wave of layoffs will not affect employees working in Nike's retail stores or manufacturing facilities. However, the company is still finalizing the departments that will bear the brunt of the reductions. The layoffs are expected to be completed by late June.Nike's Official StatementIn its filing with the state, Nike provided details on the workforce reduction, stating, “NIKE, Inc. will be permanently reducing its workforce at its World Headquarters located at One Bowerman Dr., Beaverton, OR 97005, and surrounding neighborhoods.” NIKE HQ BEAVERTON, OREGONContinued Restructuring Efforts and the Future of NikeThis recent downsizing initiative follows a similar restructuring undertaken by Nike in 2017, during which the company trimmed its global staff by 2%. Despite the challenges posed by the current economic landscape, Nike remains committed to adapting its operations to ensure long-term sustainability and growth. The reason behind Nike's recent employee layoffs raises questions. Layoffs are not uncommon in corporate environments, particularly during periods of economic uncertainty. With the current economic downturn in the USA, consumer spending has become more conservative. Additionally, shifting fashion trends have led to once-popular Nike silhouettes lingering on retail shelves. Criticism has been directed towards Nike and Jordan Brand for their perceived lack of creativity in colorways and designs, resulting in repetitive offerings. This reliance on specific silhouettes may be prompting Nike to embark on a fresh approach. Nike's unveiling of AI-designed sneaker models in Paris, although futuristic and non-traditional, signals a potential pivot towards innovation. This marks a pivotal moment for Nike to rejuvenate its brand image and explore new avenues for growth. Nike AIR AI designed sneakers

Omi In A Hellcat to Pay Nike $8 Million in Lawsuit

2 days ago

Legal Saga Conclusion: Nike vs. Omi in a HellcatIn a decisive legal showdown, Nike's trademark infringement battle with Bill Omar Carrasquillo, known as Omi in a Hellcat, has come to a close, marking a significant chapter in the ongoing saga. What is the result? A nice payout for the Swoosh brand.  Nike vs. Omi in a Hellcat via US District CourtCourt's Verdict: Nike Emerges VictoriousIn a verdict handed down by Judge Victor Marrero in New York on Friday, Nike secured a default judgment against Carrasquillo of Reloaded Merch LLC, with the court ordering him to pay the renowned brand a hefty sum of $8 million in damages. This ruling stems from allegations of Carrasquillo's involvement in the promotion, replication, and sale of imitation Air Jordan 1 and Nike Dunk sneakers, as initially disclosed by Sneaker Legal via Instagram. Nike vs. Omi in a Hellcat via US District CourtThe Legal Feud UnfoldsThe legal feud between Nike and Omi in a Hellcat commenced in November 2022 when Nike initiated a trademark infringement lawsuit against the designer for allegedly peddling sneakers that infringed upon the iconic Air Jordan 1 and Dunk designs. Omi in a Hellcat (Omar Carrasquillo)Settlement and WithdrawalWhile initially, Nike also pursued legal action against designer Kool Kiy for similar violations, the parties reached a confidential settlement in August 2023, resolving their dispute out of court. Withdrawal of RepresentationRecent court filings reveal that Omi's legal representation withdrew from the case in February due to unpaid fees by the designer. Subsequently, in March, the court granted his counsel's motion to withdraw, culminating in the default judgment against Omi. Additionally, the court decreed that Omi is prohibited from manufacturing, promoting, or selling any Air Jordan 1 and Nike Dunk lookalike shoes in the future.

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