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Adidas plans to sell Kanye West’s remaining Yeezy sneakers

Sportswear brand Adidas has noted that it plans to sell the remaining stock of Kanye West’s Yeezy sneakers collection. On Wednesday sportwear brand Adidas shared its preliminary financial results for 2023. The athleisure brand’s CEO Bjørn Gulden confirmed that Adidas “plans to sell the remaining Yeezy product at least at cost in 2024”. This decision comes after Adidas shared that its profit for this year will be hit by unfavourable currency movements.

The German sportswear giant’s finances were mainly impacted last year by the discontinuation of all Yeezy products. Adidas said in a statement.

To mitigate financial loss, Adidas announced that they will be selling the remaining Yeezy stock and are in turn expecting to generate an operating profit of around €500 million ($542 million) from Yeezy sales, this was according to a statement released on Wednesday, 31 January.

“The improvement is due to the better operating business of around €100 million and the decision to not write off €268 million of Yeezy inventory,” the company’s chief executive Bjørn Gulden said. Adidas ended its partnership with Kanye West in October 2022 after the rapper shared antisemitic remarks to his social media accounts.

Kanye West

In May 2023, the German sportwear brand started selling Yeezy’s again but then paused sales of the rapper’s brand after fearing the possibility of facing backlash from selling sneakers that were associated with the controversial rapper.

“Our fourth quarter developed a little better than expected and we have decided to release preliminary numbers,” Gulden said.

Gulden continued: “For the full year our currency-neutral revenues were flat, and we reached an operating profit of €268 million. This is €68 million better than what we guided for. The improvement is due to the better operating business of around €100 million and the decision to not write off €268 million of Yeezy inventory. Our consumer, retail and trade research has shown that we can sell this remaining inventory in 2024 for at least the cost price. This is why we have only written off inventory that was either damaged or very broken in sizes”.

Source: People

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