2023/07/28
The logo of the sporting goods manufacturer Adidas on a blue jacket.
Daniel Karmann/dpa
Adidas plans another sale of its stock of the "Yeezy" range of products launched together with scandal-hit US rapper Kanye West, the German sporting goods group said on Friday.
Shoes and clothes from the "Yeezy" range will be available via digital platforms and will be gradually launched from August 2, Adidas said at its headquarters in Herzogenaurach in the southern German state of Bavaria.
A "significant" sum is to be donated to organizations working to combat hate, discrimination, racism and anti-Semitism.
West launched expensive lifestyle products together with Adidas - a highly lucrative business for both sides. "Yeezy" meant billions in sales for Adidas, especially in the United States, with very high profit margins.
Adidas had to stop the cooperation and also the sale of the products in autumn last year following anti-Semitic statements by West and considerable external pressure.
But the sporting goods giant announced in May that it would sell parts of its stock of products in the "Yeezy" range even after parting ways with West. It staged a first sale in May, also linked to a donation.
Earlier this week, Adidas said it expects a negative operating result of €450 million ($498 million) for this year, down from an initial estimate of €700 million.
Write-downs on the remaining "Yeezy" inventory are estimated to be €400 million, €100 million less than previously thought. In addition, costs for a strategic review remain unchanged at up to €200 million.
© Deutsche Presse-Agentur GmbH
Adidas plans another sale of its stock of the "Yeezy" range of products launched together with scandal-hit US rapper Kanye West, the German sporting goods group said on Friday.
Shoes and clothes from the "Yeezy" range will be available via digital platforms and will be gradually launched from August 2, Adidas said at its headquarters in Herzogenaurach in the southern German state of Bavaria.
A "significant" sum is to be donated to organizations working to combat hate, discrimination, racism and anti-Semitism.
West launched expensive lifestyle products together with Adidas - a highly lucrative business for both sides. "Yeezy" meant billions in sales for Adidas, especially in the United States, with very high profit margins.
Adidas had to stop the cooperation and also the sale of the products in autumn last year following anti-Semitic statements by West and considerable external pressure.
But the sporting goods giant announced in May that it would sell parts of its stock of products in the "Yeezy" range even after parting ways with West. It staged a first sale in May, also linked to a donation.
Earlier this week, Adidas said it expects a negative operating result of €450 million ($498 million) for this year, down from an initial estimate of €700 million.
Write-downs on the remaining "Yeezy" inventory are estimated to be €400 million, €100 million less than previously thought. In addition, costs for a strategic review remain unchanged at up to €200 million.
© Deutsche Presse-Agentur GmbH
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