adidas could make around 500 million euros from unsold Yeezys

adidas could make around 500 million euros from unsold Yeezys
An adidas campaign (PH official website)

adidas It will have received orders worth more than 508 million euros for 4 million pairs yeezy Did not sell, during an online sale that started in late May and lasted for a few days. reported better than the company’s more optimistic forecasts financial Times.

In fact, the German sportswear giant pulled the shoes off the market last October, after the collaboration ended. Kanye WestFollowing anti-Semitic statements posted by the American musician on social media (see). mff 26 October) The decision had serious economic consequences as the loss of the highly profitable line hit the company’s first quarter revenue by almost 400 million euros.

However, strong demand for the sneakers still in stock has eased fears at Adidas headquarters, as the first batch of online sales could potentially save the company from major losses of its remaining inventory.

The company had informed last May (see). mff on 22 May) that he would donate a portion of the proceeds from sales to organizations that fight anti-Semitism and racism. As per reports, discussions are on as to how much will be donated to individual charities financial TimesStating that the company has chosen five charities in the United States and China as a first step.

He commented, “There have been discussions about donating more than €8.5 million through five charities, but no decision has been made.” financial Timesciting people familiar with the matter.

The report states that the final amount donated from the sale will be much higher as the company is willing to give away a significant portion of the profits from Yeezy’s inventory.

Adidas forecast losses this year before announcing its intention to sell remaining shares from the partnership you, (All rights reserved)



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