Adidas will gradually sell more of its YEEZY products accumulated in its warehouses in Augustthe firm said on Friday, reiterating its commitment to donate part of the profits to groups that fight discrimination.
Adidas stopped selling YEEZY sneakers and dropped its collaboration with rapper Ye after the artist, formerly known as Kanye West, made a series of antisemitic comments.
Millionaires loses
The fate of a large number of unsold shoes from the once highly profitable YEEZY line has hurt the company’s sales, but the prospect of getting rid of them reduces projected losses for the year.
“Today, Adidas announced a new release of YEEZY inventory with a range of existing products that will be available in phases throughout the month of August worldwide.the company said in a statement.
“As previously communicated, Adidas will donate a significant amount to select organizations working to combat discrimination and hate, including racism and anti-Semitism.”
Unquantified donations
Adidas said it was supporting the Anti-Defamation League (ADL) and the Philonise & Keeta Floyd Institute for Social Change, and also announced its support for Robert Kraft’s Foundation to Combat Anti-Semitism (FCAS). The company did not specify how much it would donate.
As with a previous batch of sneakers released in May, the second round in August would include 2022 product, according to the statement.The available range will include some of the most popular existing designs, including the YEEZY BOOST 350 V2, 500 and 700, as well as the YEEZY SLIDE and FOAM RNR.“,
the company said in a statement.
Great Demand for YEEZY Shoes
The unexpectedly strong sales of the YEEZY sneakers left over from the collaboration with Ye probably will help reduce the company’s operating losses this year.
Adidas this week updated its estimate of the impact of a cancellation of YEEZY sales: it is now €400 million, down from the €500 million initially projected.
The company did not say exactly how much of its estimated 1.2 billion euros of Yeezy stock it had sold, but analysts estimate that 15% of the shoes backed up in warehouses have already been sold.
