Adidas nominates $9.3 billion Egyptian mogul Nassef Sawiris as its next chairman
Nassef Sawiris, worth $9.3 billion and already a major Adidas shareholder, is set to become the sportswear giant's next chairman.
Adidas
Adidas taps billionaire Nassef Sawiris as chair
Adidas is replacing its embattled chairman with Egyptian billionaire Nassef Sawiris and keeping CEO Bjorn Gulden locked in through 2030.
Kanye West’s South Korea show canceled after $20 million contract loss in Japan
This follows Japan’s $20 million Tokyo Dome show drop after controversial onstage behavior offended local cultural values.
Adidas sells off Kanye West’s Yeezy stockpile, bringing in $1.52 billion in two years
Adidas partnered with Kanye West in 2015 to launch Yeezy, boosting his net worth to $2 billion in 2022.
Nassef Sawiris, North Africa’s richest man, is $264 million richer this year
This follows a $310 million gain in 2024, when his wealth increased from $8.41 billion to $8.72 billion.
Egypt’s richest man loses $220 million in one week
Despite recent setback, Sawiris' wealth is up by $261 million YTD, driven by early 2025 gains and strong performance in his diverse portfolio.
Egypt’s richest man Nassef Sawiris sees Adidas stake climb to $3.3 billion
The rise in the market value of his stake in Adidas, from $3.1 billion to $3.35 billion, comes on the back of a strong rally in the company’s shares.
Kanye West reignites dispute with Adidas after $1.6 billion blow
West, also known as Ye, accused Adidas of “design theft and oppression” in a fiery Instagram post, signaling a potential new chapter in their contentious relationship.
Egypt’s richest man Nassef Sawiris's net worth grows by $1.15 billion
His wealth increase puts him among the select African billionaires whose wealth has swelled by over a billion dollars this year.
Adidas finds success with 22-year-old NBA star’s sneaker after cutting ties with Kanye West
The new sneaker line has been a smash hit in its first six months on the market, drawing comparisons to the initial triumph of the Yeezy sneakers launched in collaboration with Kanye West.
Adidas shares owned by Egypt’s richest man Nassef Sawiris surpass $2.7 billion
The recent surge in the share price of Adidas has bolstered Sawiris’ wealth significantly, with his stake now valued at $2.71 billion.
Adidas eyes new deals after cutting ties with Kanye West; Taylor Swift on radar
More than a year after a high-profile split with Kanye West, Adidas is stepping up its search for new collaborators, signaling a shift in its strategy.
Kanye West issues apology for anti-Semitic comments following $1.6-billion wipe-out
In October 2022, West faced backlash on social media as Instagram, owned by Meta Platforms Inc., and Twitter, now X, removed anti-Semitic posts from his accounts.
Kobe Bryant’s path to a billion-dollar fortune cut short by tragic passing
At the time of his untimely passing, Bryant’s net worth was estimated at $600 million.
Adidas displays financial strength amid Kanye West’s Yeezy influence
Adidas held over $1 billion worth of unsold Yeezy inventory in May.