Adidas Sells Yeezy Shoes Following Split From Ye
Adidas experienced a substantial surge in profits during the second quarter of 2023, attributed to the successful divestment of a significant quantity of Kanye West’s Yeezy footwear line in May.
Adidas Presents Q2 2023 Earnings Statement In an announcement made on Thursday (August 3), “We are happy with the way the second quarter developed,” Adidas CEO Bjørn Gulden announced.
Adidas unveiled its financial performance report for the second quarter of 2023, unveiling a notable upswing in the company’s financial fortunes over the past three months.
Having severed its collaboration with Kanye West in October of the previous year, following the rapper’s continued propagation of anti-Semitic remarks through various media outlets, Adidas encountered a substantial decline in sales and subsequent revenue loss.
However, in an effort to counteract this decline, the company opted to liquidate a substantial portion of its remaining Yeezy inventory in May. The sportswear giant, known for its distinctive Three Stripes logo, reported that a segment of the proceeds from this inventory sale were allocated to support initiatives combating discrimination, hatred, racism, and anti-Semitism.
The extent of Kanye West’s involvement in the profit generated from this inventory sale remains unclear. Adidas has also revealed plans to conduct further sales of Yeezy inventory in the upcoming month.
