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February 10, 2023

February 10, 2023February 10, 2023 IFM Social Media

Adidas Could Lose $1.29 Billion In Revenue Due To Unsold Yeezy Inventory

Adidas' choice to end its joint venture with Kanye West last year has had a detrimental effect on the company's business operations to this day.

The sportswear company said today that it is still considering how it would use its current Yeezy inventory in its revenue projections for 2023.

One of the possibilities involves the company's present Yeezy stock not being repurposed, which would result in a write-off and lower operating profit by an extra €500 million (about $537 million) this year. Revenues this year would be reduced by around €1.2 billion (about $1.29 billion) as a result of the decision not to reuse Yeezy items.

Additionally, the company said that it anticipates an unrelated one-time expense of €200 million (about $215 million) for a strategy review intended to increase 2024 profitability.

“The numbers speak for themselves. We are currently not performing the way we should… We need to put the pieces back together again, but I am convinced that over time we will make adidas shine again,” Adidas CEO, Bjørn Gulden, said in the press release.

When Adidas' CFO Harm Ohlmeyer stated during the Q3 2022 earnings call that the company owns the rights to all Yeezy designs and intends to use them as early as this year—a move that is reportedly still under consideration—the discussion on how it plans to use its current Yeezy stock got underway in November.

In October, Adidas announced that it was ending its relationship with rapper Kanye West after the latter openly criticized the brand and made antisemitic remarks on many media outlets. West inked a contract with Adidas in 2013, and the two years later, in 2016, they began a long-term collaboration that was initially scheduled to end in 2026.

Following reports that Beyoncé's Adidas Ivy Park apparel brand is losing almost $200 million in sales annually, Adidas has now released their 2023 financial prediction.

February 6, 2023

February 6, 2023 IFMNEWS

Idris Elba Adds Ghana To List Of African Countries He Wants To Partner With

Idris Alba spoke about establishing a film studio in Ghana at a meeting with the president of that nation. He also encouraged the president to implement measures that would help the film industry prosper. He mentioned his intentions to film a movie in Ghana.

During his recent visit to Ghana, the renowned British actor Idris Elba met with Nana Addo Dankwa Akufo-Addo in the Jubilee House.

Idris Elba was seen promoting the concept of opening a film studio in the nation of west Africa in a meeting footage that has gone popular on social media.

He pointed out that the lack of facilities has inhibited a lot of filmmaking potential. He also discussed the significance of government initiatives in advancing the African film industry.

“We’ve studied the models of obviously South Africa’s incredible incentive package, and around Europe, obviously, Greece, Morocco, these are all places where they realize the value of the filmmaking dollar and have brought that policy into play,” he said to the Ghanaian president.

The blockbuster actor revealed that he has a movie he is currently shooting and would love to shoot some parts of that movie in Ghana. He disclosed that pre-production is set for August, and principal photography would begin in December.

He also told the Ghanaian president that he intends for this film to be a proof of concept. “It would be very beneficial for us to show and to make an announcement to the world that Ghana is open for business, here are the steps, the policies are in place and we have actually, bringing a film to our country, and we are going to put our money where our mouth is.”

Less than a week has passed since it was revealed that Idris Elba plans to establish a film studio in Tanzania.

Idris, who has both a Ghanaian and Sierre Leonean lineage, has been keen on developing the film market in Africa. So much so that he has starred in movies that directly tell of some of Africa’s struggles including, Beast of no Nation and Mandela: Long Walk to Freedom. Also, Universal Pictures filmed the entirety of the movie Beast in South Africa in 2021, with Idris as the lead actor.

Africa’s market potential is a subject he has not shied away from as he continues to use his platform to highlight this topic.

He spoke about Africa's immense market potential at a fireside talk at the 2022 US-Africa Leaders Summit in Washington D.C., saying that its status as the world's fastest developing market makes it ripe for new waves of innovative companies to be established.

February 1, 2023

February 1, 2023February 1, 2023 IFM Social Media

Africa’s Youngest Person on Forbes: Elsa Majimbo

Business Insider Africa presents a profile of the youngest person featured on Forbes in 2022.
Elsa Majimbo is an internet sensation and comedian whose skits have taken her from Nairobi to Los Angeles.
Her 3-year career has been filled with numerous milestones, and Elsa plans to continue on this trend.

Elsa Majimbo is the living representation of manifesting your dreams with words. Her life so far is the perfect case study of how to speak your aspirations into existence.

Elsa Majimbo is not your typical content creator, while she is exceptional at what she does, she is also very intentional. Even as a child, she knew she was destined for greatness and resolved to become extremely wealthy.

Elsa's Comedic Style

Her stint as a comedian began during the pandemic in 2020 when she decided to leverage the quenchless demand for content. She was able to grow her Instagram and Tik Tok by delivering content that perfectly juxtaposed the teenage desire to be recognized and a rebellion against the humble culture that is making waves in pop culture today.

Her skits, while very audacious, manage to remain very hilarious. This is partly because what she says and how she appears are on opposite ends of the spectrum, making her comedy oddly entertaining.

The viewpoint from her skits is a perfect representation of the sentiments hidden deep in the hearts of people who are afraid to say how they feel, lest they risk appearing insensitive and self-absorbed.

Her first skit came at a time when she had no money and was performing badly in school, yet she made a video describing how you need “to speak to her manager before you can book an appointment with her.” She also famously stated in the skit that she “didn’t go looking for fame, fame came looking for me.” It was this audacity that made fans fall in love with her.

Currently listed as the youngest individual on the Forbes list, the Forbes 30 under 30 to be precise, Elsa Majimbo’s rise to stardom since the pandemic has been meteoric, and quite frankly, inspiring.

Elsa's Trajectory

Elsa Majimbo is a 21-year-old Kenyan who identifies as African. During her interview with Forbes, she stated that she doesn’t identify with just one country because she views all of Africa as her home.

Her journey so far has been ironic to say the least, given that she is a highly intelligent individual, who detests the idea of going to school.

This chess champion initially did not envision a career in media or entertainment but decided to explore the possibilities in the space after one of her videos went viral.

She concluded that she could accomplish two goals at once, one, exploiting her newfound fame to acquire the fortune she had always desired and eliminating the need to ever set foot inside another classroom.

She noted that she always felt like she was going to be special, but never imagined that this was how it was going to happen the way it did.

In 2021, she moved from her hometown of Nairobi to Los Angeles, where she has perfectly acclimated herself to the LA lifestyle. She told Forbes that she loves everything about the city, particularly its materialistic and beautiful nature. “I can never imagine myself living anywhere other than LA.” She said.

Her transition from Nairobi-based content creator to LA-based influencer is the perfect example of manifesting your dreams with your words.

However, her journey to the top was not entirely rosy. During the earlier phase of her career, she received a lot of backlash because of her comedy niche. As she stated, comedy in Kenya at the time was based on self-hatred, as those who were considered funny in Kenya were those who made light of their horrible experiences.

But just then, the country was introduced to a comedian who refused to join the fold, a comedian who could remain hilarious while talking about a more refined lifestyle, and this did not sit well with Kenyan media consumers. As a result, she left the country and resolved never to return.

Elsa's Milestones

Since the start of her career, her monologues have been featured on Comedy Central several times. She has partnered with Fenti, Logitec, Beats by Dre, IMG models, Coke, Bumble, and more.

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