Home » today » Business » Adidas sells remaining Yeezy inventory, donating profits to social organizations

Adidas sells remaining Yeezy inventory, donating profits to social organizations

Adidas has started to sell stock What was pending on your brand? Yeezythe fashion line designed in collaboration with the rapper Kanye West. The brand was withdrawn from the market in October 2022 following anti-Semitic comments made by the famous singer. “After careful consideration, we have decided to start releasing some of the remaining products in the Adidas Yeezy line,” he explains. Bjorn Gulden, CEO of Adidas. The company has promised to donate “a significant part” of the profits to social organizations against racism and anti-Semitism.

According to Adidas’ latest financial statement, the interruption of the Yeezy business and the maintenance of unliquidated inventory had resulted in losses of approximately 400 million euros. The company considered, at that time, three options: the elimination of the merchandise, its sale and its donation. Finally, they chose a middle line. As Gulden explains, “selling and donating part of the profits was the preferred option for all the organizations and stakeholders we spoke to,” including the Anti-Defamation League (ADL )and the Philonise & Keeta Floyd Institute for Social Change .

Bad results in 2023
Adidas closed the first quarter of 2023 with losses. The company obtained a negative net result of 39 million euros, around 500 million euros less than in the same period of 2022. According to Adidas’s own forecasts, it is likely that 2023 will end with losses, which would mean its first unfavorable annual balance sheet in 31 years. Adidas has confirmed that sales of the Yeezy sneakers will not have “an immediate effect” on the company’s accounts for 2023.


Tags: adidas, Featured, full-image

Category: News

2023-05-26 23:32:26
#Adidas #sells #Yeezy #inventory #donating #part #profits

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.