Adidas got Yeezy orders worth more than 508 million euros (about $565 million) for 4 million pairs of Yeezy unsold shoes, better than the company’s “most optimistic forecast,” the Financial Times reported on Monday. Adidas Yeezy unsold ones rack up orders as Adidas pivots from $2 billion a year partnership.
Strong demand for the Yeezy first batch of online sales would potentially save Adidas from having to take a big write down on its remaining Yeezy unsold shoes.
Adidas Yeezy unsold shoes report on sales
Sportswear giant Adidas garnered success in its latest online sales campaign for the Yeezy unsold shoes, with orders surpassing $565 million for the first batch. The overwhelming Adidas Yeezy orders, totaling 4 million pairs across May and June, exceeded the company’s expectations, resulting in temporary supply shortages of Adidas Yeezy unsold shoes.
Adidas Yeezy unsold shoes report is fantastic, however, Adidas Yeezy orders achievement comes amid an ongoing legal battle between Adidas and rapper Kanye West, also known as Ye, over the alleged mishandling of a $100 million annual marketing fund. The dispute has led to arbitration, raising significant attention and speculation about the future of their former partnership.
Adidas has stopped selling Yeezy first batch shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of anti-Semitic comments.
Kanye West net worth declined
Kanye West worth currently is estimated at $400 million. West lost $1.5 billion of his estimated $2 billion fortune after Adidas cut ties with the singer in October and knocked him off Forbes’ list of the World’s Billionaires.
Donate proceeds from sale of Yeezy unsold shoes
However, robust demand for the Adidas Yeezy unsold shoes has quelled fears at Adidas’ headquarters that Ye’s outbursts and a drop in marketing in the recent past would have made the Yeezy brand too toxic, FT said, citing sources.
The company had said in May it would donate some of the proceeds from the sales of Yeezy unsold sneakers to organizations fighting antisemitism and racism.
Discussions over how much will be donated to individual charities are ongoing, the FT reported, adding that the company has chosen five charities in the U.S. and China as a first step.
“Making donations of more than 8.5 million euros across the five charities has been discussed but no decision has been made,” FT said, citing people familiar with the matter.
The final amount donated from the sales of Adidas Yeezy orders will be much larger as the company is willing to pay a significant share of the profits from the Yeezy inventory, the report said.
Future of Yeezy
Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy first batch.
The dispute resolution between Adidas and Kanye West will undoubtedly influence the trajectory of the Yeezy brand and Adidas’ engagement in fashion and sportswear. The immense popularity of Yeezy shoes remains undiminished, and despite the legal challenges, the brand continues to be a significant player in the sneaker market. This can be verified with the recent sale.
