Adidas Flooded With Orders Worth 508 Mln Euros For First Batch Of Unsold Yeezy Shoes: FT
(RTTNews) - German sportswear brand Adidas AG (ADDDF.PK) was flooded with orders worth 508 million euros or about $568 million, for 4 million pairs in the first batch of online sales of unsold Yeezy shoes despite severing ties with rapper Kanye West, now known as Ye, the Financial Times reported on Monday.
The report said the online sale, which ran between end of May and the start of June, has exceeded the company's "most optimistic forecast."
The strong demand for the unsold Yeezy inventory, worth approximately $1.3 billion, has also quelled fears of Adidas incurring a big writedown on the unsold stock. The products are only available through the Adidas website and app.
Adidas stopped selling the highly sought-after Yeezy shoes in October last year following a series of antisemitic comments made by Ye on social media and during interviews.
Following the resumption of online sales of the unsold inventory, the company is also considering additional releases of their existing inventory soon.
The company had also announced in May that a portion of the proceeds from each sale will be donated to support this cause to emphasize their commitment to combating discrimination, hate, racism, and antisemitism.
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