Opinion / Andrew Tuck
Off on the wrong foot
Adidas reportedly faces an operating loss in the region of €700m this year. The cause? The termination of a once-lucrative deal with rapper Kanye West (pictured), aka Ye, to produce his Yeezy line of trainers. That decision followed a series of anti-Semitic statements by West: at the close of 2022 he espoused conspiracy theories about Jews on Fox News and, in an interview with the InfoWars website, said that people should “stop dissing Nazis” and exalted one Adolf Hitler. In short, he was not what the execs at Adidas had been hoping for (oh, for the days when a badly behaved tennis player was the worst of their woes). Game over for Yeezy? Not quite.
There is nothing as hard to fathom as the modern consumer, especially millennials and members of Gen Z. Every week I get press releases from retail analysts and futurologists telling me how these wise young heads will only tap and pay if brands meet their ethical and sustainability concerns. But that’s not how they all think.
Walk around any big city for a day and count the supposedly purposeful shoppers who are happily parading around in footwear by a fan of Hitler. You’ll stand behind someone in the queue for coffee who orders an oat flat white (please, let’s not make a cow’s udders sore) but who is in a pair of Yeezy Boosts. Morals, for many, seem to vanish when their funky footwear is at stake. There’s also no shortage of e-commerce sites that are still happy to sell the shoes.
Adidas’s new chief executive, Bjørn Gulden, has talked about the need to put the company back together again. At least he’s got the message that working with Kanye West was not a good idea. Unfortunately, many hip consumers out there refuse to ditch their suspect shoes and pick up some ethics instead.
Andrew Tuck is Monocle’s editor in chief.