In response to Kanye West’s antisemitic comments back in October 2022, popular sportswear company Adidas ended its partnership with the controversial rapper, ending the iconic Yeezy shoe and apparel line. And it sounds like the brand has made a pretty big decision about what it plans to do with its remaining Yeezy inventory.
Previously, Adidas planned to sell the remaining inventory Yeezy inventory which was worth about $1.3 billion, and donate the proceeds to charity. But in a recent press release, the company had a pretty shocking announcement, revealing that it will now sell off the remaining Yeezy inventory “at least at cost” in the upcoming year.
“Following the latest decision, the 2023 operating profit now only includes a low double-digit million amount of Yeezy-related inventory write-offs,” Adidas said in a press release at the end of last month. “Instead, the company plans to sell the remaining Yeezy product at least at cost in 2024.”
The sudden loss of the Yeezy line obviously caused some issues for the company and Adidas is still feeling the effects.
“The discontinuation of the Yeezy business had a negative effect on the top-line development during the year,” Adidas said in the press release. “This represented a drag of around €500 million on the year-over-year comparison.”
[Adidas]
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