Feb 1, 2024
Adidas says it plans to sell remaining Yeezy sneakers
Adidas says it plans to sell remaining stocks of Yeezy sneakers from its defunct partnership with Kanye West for at least cost price. Demand for Yeezy sneakers has not faded, as they remain hugely popular in the resale market. Mr Gulden was brought in from rival sportswear firm Puma at the start of 2023 to drive the turnaround of the Adidas after the breakup with the Yeezy brand left it with unsold sneakers worth around €1.2bn. Even though the company sold some of its Yeezy stock last year net sales from the partnership were around €450m lower than in 2022. Adidas said it now planned to sell its remaining Yeezy stock for "At least" the cost of producing the goods, as it tries to recoup losses from the once-lucrative partnership. The company's latest outlook still included a potential write-off of its remaining Yeezy items, which could cost the firm about amount €300m. Adidas also said it was hit by the devaluation of the Argentine Peso at the end of 2023.
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