HEARTLESS: The company is shifting gears after being left with $1.3 billion worth of apparel in the aftermath of their relationship with Ye.
A split photo of the Adidas logo on a sign and Kanye West at the Supreme Courthouse in New York City.Yeezy shoes and other itemsIn the past, the company warned that, in the event it decided against reusing the Yeezy products, it could see its operating profit for 2023 drop by €500 million. The company has seen negative impacts due to Yeezy in its sales figuresA sign advertises Yeezy shoes made by Adidas at Kickclusive, a sneaker resale store.
Shareholders who said they were economically damaged have since also filed a class-action lawsuit against Adidas. They alleged the losses they sustained stemmed from the company purportedly knowing about Ye’s offensive behavior and not making proper disclosures to investors in relation to it over the years. Adidas has said it "outright reject[s]" the claims.
"Over the past few months, we’ve been trying to find solutions to find ways how to use these shoes," Gulden said at the Thursday event. "Burning those shoes cannot be the solution."still has details to finalize for selling the shoes and donating the proceeds. Shrink-wrapped limited-edition Adidas AG Yeezy model trainers inside the Presented By sneaker resale store in London Aug. 13, 2021.
"When we do that and how we’re going to do that remains to be seen, but we’re working on that," he said. "But I think burning a couple of million shoes cannot be the right thing to do, and we’re going to give you an update as soon as this decision has been taken."
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