Foot Locker executives had a change of heart over fears it it would cause a public relations nightmare for associating with Ye, according to a report.
that there was a surprisingly high demand for the shoes — so much so that Adidas wouldn’t be able to meet all the orders.
The multimillion-dollar selloff means the company likely won’t have to take a big writedown on its remaining stock.Forbes estimated that Ye made $220 million annually from the partnership, which began in 2019. Proceeds from the sale are also going to be used to pay costs associated with ending the partnership, including legal fees, closure of production capacity and laying off staff.Ye fell out of the billionaire ranksAdidas yanked Yeezy shoes off the market in October following Ye’s string of antisemitic and other offensive remarks.Though excess Yeezy inventory hurt the company’s profit in the first quarter of this year, the profitable selloff spelled positive results for Q2.
“Adidas second-quarter revenues benefited from the first sale of some of its Yeezy inventory,” the companyAdidas recorded an operating profit of $193 million in the quarter, which it attributed to around $175 million “related to one-off costs, donations and accruals for future donations,” likely related to the Yeezy selloff.
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