Seven months after Adidas' split with Kanye West, boxes of new Yeezy shoes are still piled up in warehouses.
The fate of 1.2 billion euros worth of unsold Yeezy stock is weighing on the German sportswear company as it tries to engineer a turnaround from the loss of the lucrative sneaker line and the continued fallout over its former ties to Ye.
Gulden would not say how many pairs of Yeezy shoes that Adidas is stuck holding “because then the consumer would know how many we have and that could have an impact on demand.” Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier. Gulden said the results for the Adidas were “a little better than we had expected” as the company seeks to restart growth and move beyond the breakup with Ye. He called 2023 “a year of transition” on the way to “a better ’24 and a good ’25.”
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Yeezy shoes still stuck in limbo after Adidas split with YeAdidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’s breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it 400 million euros ($441 million) in lost sales.
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Yeezy shoes still stuck in limbo after Adidas split with YeAdidas still hasn't figured out what to do with $1.3 billion worth of high-end Yeezy sneakers after splitting with the rapper formerly known as Kanye West. The shoes have been sitting in warehouses for nearly seven months since the German sportswear company ended ties with Ye over his antisemitic and other offensive remarks. CEO Bjorn Gulden said Friday that Adidas is “getting closer and closer to making a decision.' He's declined to say if destroying the shoes had been ruled out, but the company is “trying to avoid that.” Adidas reported that the breakup cost it $441 million in lost sales at the start of the year.
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