Adidas said Friday it would sell further items from the Yeezy range during August.
Last year, after the end of its relationship with West, the company decided to go ahead with Yeezy product it had already ordered anyway in order to protect suppliers. But what to do with it – with an estimated 1.2 billion euros’ worth of product planned – was an ongoing dilemma for the sportswear giant.
Some of the profits from the Yeezy products sold next month will go to various U.S.-based initiatives that combat racism and anti-Semitism, including the Anti-Defamation League, the Philonise and Keeta Floyd Institute for Social Change and the Foundation to Combat Anti-Semitism. Selling the Yeezy product appears to have been the right decision for Adidas. Earlier this week, the companyfor the second quarter and slightly raised its outlook for the year, noting that these had been “positively impacted” by the decision to start selling Yeezy inventory in May.
Adidas now says revenues in 2023 will only decline at a mid-single digit rate rather than at a high single-digit rate. Adidas also scaled down expected losses from 700 million to 400 million euros.if it decided not to sell the Yeezy product. Footwear sector experts have suggested the collaboration could have been making Adidas between 1.5 billion euros and 2 billion euros a year, generating as much as around 40 percent of the company’s annual profits due to the line’s favorable pricing.
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