Monday, July 22, 2024

Adidas Drops Kanye West for Antisemitism, But Stock Doesn’t Rebound: Too Little, Too Late?


Adidas may have taken too long waited too late to renounce Kanye West.

The German company’s stock price did not rebound to where it had been yesterday or, more importantly, last week after West’s antisemitic remarks were first launched.

Adidas sank to around $94 and closed at a little over $100. That’s down $3 from Monday, and off $12 from Friday.

Adidas had already been in decline because of issues with China. But on Friday the stock went off a cliff with their resistance to making a statement about West. The thinking, I’m sure, is that finally acquiescing to public sentiment would rescue the stock. But the public is too smart for that.

What will be interesting is Adidas sales going forward. Will buyers of sneakers drop the brand and turn to New Balance or my favorite, Brooks? Time will tell.

Roger Friedman
Roger Friedman
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.

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