Adidas AG revealed on Monday that it will sell another batch of Yeezy products. The German sportswear company is working through hundreds of millions of euros in Yeezy inventory following the canceled partnership with rapper Kanye West, also known as “Ye.”
The “further release of YEEZY inventory with a range of existing products being available in phases over the coming weeks across the world,” Adidas wrote in a press release, adding the remaining YEEZY inventory includes products from 2022, such as 350 V2 sneakers in steel gray.
Adidas said that Yeezy sneaker offerings will be made through its digital platforms.
The products will be exclusively available through adidas digital platforms including the CONFIRMED app, adidas app and adidas.com. The phased release of products will help ensure a fair and premium experience for consumers. Availability and timing of release will vary depending on location. -Adidas
Adidas terminated its partnership with Ye in October 2022 after a series of antisemitic comments on various social media platforms. In early 2023, the termination led to financial turmoil for the German company: “Adidas To Cut Dividend 80% After Losing $1.3 Billion Severing Ties With Kanye West.”
However, by November, the company boosted its full-year guidance due to the sales of Yeezy sneaker inventory. That helped it work through about 40% of the Yeezy inventory in warehouses.
Besides selling sneakers produced in Chinese sweatshops, Adidas stated it was a proud activist company:
Since terminating the YEEZY partnership in October 2022, Adidas has donated to selected organizations to combat discrimination and hate, including racism and antisemitism. -Adidas
In its financial guidance statement last month, Adidas stated that it had 250 million euros of remaining Yeezy products left.
The good news, as Cowen analyst John Kernan explained in a recent interview via Bloomberg, is that “There’s still demand for that Yeezy silhouette in the marketplace.”
Tyler Durden
Mon, 02/26/2024 – 17:20
