The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Skechers USA Inc said on Wednesday its executives escorted Ye, formerly known as Kanye West, out of a Los Angeles corporate office, after the rapper and fashion designer “showed up unannounced and uninvited.”
The footwear maker “has no intention of working with West,” it said in a statement.
Skechers’ comments come a day after sportswear brand Adidas AG ended its partnership with West, following a series of antisemitic comments from the celebrity.
“We condemn his recent divisive remarks and do not tolerate antisemitism or any other form of hate speech,” Skechers said.
ADVERTISEMENT
Reuters was not immediately able to contact Ye’s representatives for comment.
Apparel company Gap Inc, which terminated its tie-up with West in September, is also taking immediate steps to remove Yeezy Gap products from its stores and shut down YeezyGap.com.
Shares of California-based Skechers were up nearly 1 percent in extended trading, after closing down nearly 10 percent on Wednesday.
The company on Tuesday forecast current-quarter sales below Wall Street estimates after missing third-quarter earnings expectations, dented by higher operating costs and a hit from foreign exchange rates.
By Deborah Sophia; Editor: Shinjini Ganguli
Learn more:
The German sportswear giant’s partnership with Ye generated $1.7 billion in 2021, accounting for nearly 7 percent of its annual revenue. Now that the company has cut ties with the rapper, will it keep selling Yeezy designs?
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.