By our economics editors
08 Nov 2023 at 12:39
Adidas will stop selling the popular Yeezy sneakers for the time being, although rapper Ye’s collection has recently generated hundreds of millions.
Adidas ended its collaboration with West more than a year ago because of his anti-Semitic statements. Over the course of this year, the shoes and clothing from the Yeezy collection have gradually been put back on sale online. At the time of the break, there were still 1.2 billion euros worth of Yeezy products in Adidas’s warehouses.
The sale is not doing any harm to the company. In the third quarter the collection generated 350 million euros, slightly less than the previous quarter. The company donates part of the proceeds to organizations committed to combating hate, discrimination, racism and anti-Semitism.
The Yeezy sneakers won’t be available for sale for the rest of the year, although adidas hasn’t run out of supplies yet. CEO Bjørn Gulden said on Wednesday that he would first evaluate the market and only then decide whether to put them on sale again next year.
Classic sneakers are sold out
The sports brand feared it would suffer a loss of more than 700 million euros this year if the entire Yeezy stock had to be written off. The group now assumes a loss of 100 million euros. That would be the first loss for adidas in at least thirty years.
Furthermore, there were not enough classic sneakers such as the Samba and Gazelle in stock to meet consumer demand. This would have allowed the company to make more profit, Gulden said.
Total turnover increased by 2 percent compared to the same period last year. Gulden admitted that the results are “not good enough”.
Beeld: Getty Images
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2023-11-08 11:39:57
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