Adidas says it may write off remaining unsold Yeezy shoes after breakup with Ye
1 year, 1 month ago

Adidas says it may write off remaining unsold Yeezy shoes after breakup with Ye

Associated Press  

FRANKFURT, Germany — Adidas said it might have to write off the remaining 300 million euros worth of Yeezy shoes left unsold after it cut ties with rapper Ye, formerly known as Kanye West. The shoe and sports clothing company, which cut ties with Ye in October 2022 after he made antisemitic remarks online, has sold 750 million euros worth of the shoes in two stages earlier this year through Adidas smartphone apps and its website. The company included the possible write-off of the remaining Yeezy inventory in its outlook Wednesday for its earnings this year, narrowing its expected loss to 100 million euros from an earlier prediction of 450 million euros, thanks in part to the earlier two releases of Yeezy shoes. Gulden referenced the “terrible circumstances” in the Middle East, saying some of the company’s more than 600 employees in Israel had been called up for military service and that “we, as a company, are starting donations programs, for the whole area, also for Gaza.” The company is working with the SOS Kinderdoerfer weltweit children’s relief agency to help those who have been affected by the conflict.

History of this topic

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