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Adidas said over the summer that its CEO was leaving following a string of disappointing results and cuts to financial expectations. Photo: SHANNON STAPLETON/REUTERS…

Kanye West publicly aspired to become the Steve Jobs of apparel. His erratic behavior and anti-Semitic comments have cost him key partners, derailed his earnings and jeopardized his future in fashion and entertainment.  Gap Inc., GPS 0.47% which ended its multiyear partnership with Mr. West last month, on Tuesday said it was removing Yeezy Gap products from its stores and shut down the website for the collaboration. Foot Locker Inc.…

Spotify Technology SA SPOT 2.52% posted a better than expected rise in revenue and users for the latest quarter as the audio streaming giant turns its focus to achieving profitability.Chief Executive Daniel Ek said in an interview Tuesday that subscribers can expect price hikes for the service sometime in 2023. The premium service in the U.S. has cost $9.99 since Spotify was launched in the U.S. in 2011. Spotify has implemented dozens of…

The move, which ends a lucrative arrangement that has produced the popular Yeezy collection of sneakers, comes after weeks of pressure on the German sportswear company from human-rights advocates and after other businesses severed their ties with Mr. West, who goes by Ye. Retail chain Gap Inc., GPS 2.04% film-and-television studio MRC and French fashion house Balenciaga are among companies that have distanced themselves from Mr. West in recent weeks. Earlier this month,…

Like a recurring injury, Adidas’s ADDYY -3.69% third profit warning of the year has lopped another 10% off the sportswear giant’s hobbled share price. The company blamed weak consumer spending for its challenges, but a comparison with rivals isn’t flattering.  The German brand unexpectedly prereleased its third-quarter sales late on Thursday, and cut its sales and profit outlook for 2022. Even with a bounce from the FIFA World Cup in…

Nike Inc. NKE -3.41% has said it didn’t have enough inventory to meet consumer demand for the past two years. Now, it has too much—and the sneaker giant needs to step up discounts to clear out items. The company on Thursday said inventories rose 44% to $9.7 billion in the latest quarter, and higher discounts and freight costs squeezed profit margins. Executives said they would mark down more goods, especially apparel, heading into the holidays. Shares of Nike tumbled…

BERLIN— Adidas AG ADDYY -5.32% said Chief Executive Kasper Rorsted will step down next year in an unexpected development for a company that has struggled in its key China market recently. The German sportswear firm said the decision was made by mutual agreement and that Mr. Rorsted will remain in office until a new leader is appointed in 2023. “After three challenging years that were marked by…

Authentic Brands Group LLC said it has agreed to buy Ted Baker TED 17.08% PLC for the equivalent of $254 million, adding the struggling British fashion label to its stable of brands that include Brooks Brothers and Reebok. The New York-based company said Tuesday there were “significant growth opportunities for the Ted Baker brand in North America” in particular, and that taking the business private would enable a restructuring that…