Tuesday, June 25, 2024

UPDATE Adidas Stock Price (Real Time) Hits 52 Week Low After Kanye West Scandal

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THURSDAY 10:12 AM: Adidas stock price is at its 52 week low, $93.63. There’s an hour left for trading in Germany.

WEDNESDAY NIGHT: Adidas is all laced up with no place to go.

The German sportwear company’s stock price went off the deep end around October 20th, dropping from around $115 to $103. By the time the company offoaded their deal with Kanye West over his antisemitic declarations, they’d reached $96.

Of course, Adidas finally divorced West because the stock was dropping like cement filled sneakers. They thought it would bounce back once they cut ties with the rapper. But guess what? It hasn’t.

Today, Adidas closed on the German stock market at $96.88. Six months ago, Adidas was up near $192 a share. Problems with supply chain and sales in China gradually sent the price down. But the real fall off came with Kanye’s hate filled comments. Critics suddenly started looking up Adidas’s history during World War II, calling it a Nazi company. It took too many days for the execs to separate themselves from Kanye West. And now they’re paying the price.

There’s obviously residual anger over how the company responded– considering that the Gap, Balenciaga, and even soulless Vogue magazine preceded them with quick announcements. It’s going to take longer than anyone thought to win back goodwill. No wonder Skechers kicked Kanye out of their lobby. No footwear company is going into business with West anytime soon.

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
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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