Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
The feature you requested does not exist. However, we suggest the following feature:

Adidas strikes new deal with Kanye West in U.S. market push

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/29/2016 | 04:28pm CEST
A model wears a pair of Adidas Yeezy 750 Boost shoes designed by Kanye West as part of his Fall/Winter 2015 partnership line with Adidas at New York Fashion Week

Adidas (>> adidas AG) has agreed to expand its partnership with Kanye West, including opening new stores, hoping to build on its higher profile in the U.S. market since it poached the singer-turned-designer from Nike (>> Nike Inc) in 2013.

Adidas (>> adidas AG) has agreed to expand its partnership with Kanye West, including opening new stores, hoping to build on its higher profile in the U.S. market since it poached the singer-turned-designer from Nike (>> Nike Inc) in 2013.

The deal was described by the German sportswear firm on Wednesday as the most significant partnership between a non-athlete and a sports brand and said it will develop beyond its current lifestyle focus to introduce sports performance designs.

Adidas will create a new brand with West for footwear, clothing and accessories, and also plans new stores selling West's Yeezy branded products along with Adidas products.

West has said that he moved from Nike to Adidas because the German company gave him more creative freedom and royalties, which he said the U.S. firm told him it reserved for professional athletes such as basketball star Michael Jordan.

An Adidas spokeswoman declined to give financial details or specify the length of the deal. Media reports put the value of the previous deal at $10 million.

Adidas has regained some ground in the U.S. market in recent months since falling into third place behind Nike and Under Armour (>> Under Armour Inc).

Adidas has increased its spending on marketing and lifted its profile thanks to collaborations with celebrities such as West and singer Pharrell Williams. It has also poached the NFL's Aaron Rodgers and basketball player James Harden from Nike.

Although Nike and its Jordan brand still dominate the U.S. footwear market, Adidas sales rose almost two-thirds in May to take a 6 percent share, according to data from market research firm NPD.

Nike's overall share of the U.S. sportswear market rose to 21.1 percent in 2015 from 20.1 percent in 2014, while Under Armour was up at 3.9 percent from 3.5 percent and Adidas rose to 3.4 percent from 3.3 percent, according to Euromonitor data.

On Tuesday Nike gave a lower than expected forecast for future orders, highlighting its struggle to fend off competition from Adidas and others, especially on its home turf.

Adidas said a dedicated team based in the firm's U.S. headquarters in Portland, Oregon would work with West on the development of all Yeezy products.

West's designs so far for Adidas have concentrated on limited edition footwear, with fans camping outside stores to wait for the release of the latest Yeezy Boost shoes.

"This partnership illustrates that anyone with a dream can dream without limitations," West said on Wednesday.

Adidas has announced two other major partnerships in recent weeks -- one with the Wanda business empire to sponsor endurance events and promote other sports in China, and the other an extension of its shirt deal with the German soccer team.

(Reporting by Emma Thomasson; Editing by Harro ten Wolde and David Goodman)

By Emma Thomasson

Stocks treated in this article : Nike Inc, Under Armour Inc, adidas AG
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
04:28p Adidas strikes new deal with Kanye West in U.S. market push
04:28p INDIGO BOOKS & MUSIC : invites Canadians to #ReadtheNorth with the best Canadian books
04:28p SOUTH DAKOTA BIOTECH : Leader Named to BIO Executive Committee
04:28p GLYPHOSATE TASK FORCE : Regrets Politicisation of EU Renewal Process
04:27p DURANGO RESOURCES : Plans to Explore Silver Prospect
04:27p DIRECTOR DEALINGS : WPP Non-Executive Buys 3,000 Shares
04:27p INTACT FINANCIAL : Uber Canada drivers to be covered under ride-hailing insurance plan in Alberta
04:26p NATIONAL BANK OF ABU DHABI : Mubadala and Ipic to merge after resolution from Abu Dhabi Crown Prince
04:26p LADBROKES : Brands are dogpiling on England's embarrassing Euro 2016 exit
04:26p THE SNAPCHAT EFFECT : Fashion designers are making ephemeral fab
Latest news
Advertisement
Hot News 
BRAMMER : Share Price Halves On Profit Warning; May Scrap Interim Payout
TESARO’s Niraparib Significantly Improved Progression-Free Survival for Patients With Ovarian Cancer in Both Cohorts of the Phase 3 NOVA Trial
Galena Biopharma Discontinues NeuVax™ (nelipepimut-S) Phase 3, PRESENT Interim Analysis based on Independent Data Monitoring Committee Recommendation
GREETINGS : IG Design Profit Up On Star Wars; Sees No Near-Term Change Post-Brexit
ECLIPSE RESOURCES CORPORATION : Prices Public Offering of Common Stock
Most Read News
06/28 VOLKSWAGEN : VW agrees to buy back diesel vehicles, fund clean air efforts
10:15a Oil edges up further as Brexit shock fades; U.S. drawdown seen
Most recommended articles
10:25aDJNEWS : U.S. Pending Home Sales Fell 3.7% in May
10:25aDJFACEBOOK : to Give Friends' Posts More Weight
10:25aDJGENERAL ELECTRIC : GE Capital Sheds 'Too Big to Fail' Government Label -- 2nd Update
10:24aDJWPP : Invests in All Def Digital in US
10:19aDJEnergy Transfer Equity Calls Off Williams Merger -- Update