Adidas has received orders worth more than 508 million euros for 4 million unsold pairs of Yeezy sneakers, more than the company’s “most optimistic forecast”, the Financial Times reported on Monday. Strong demand for the first batch to go on sale could prevent the group from having to depreciate its remaining stock, according to the paper.
Adidas had stopped selling Yeezy shoes after it reviewed its partnership with Kanye West late last year following the rapper’s controversial remarks. The loss of this highly profitable line had caused the company’s sales to fall by around 440 million dollars (396.86 million euros) during the first quarter.
Five chosen charities in the United States and China
The German sporting goods maker declined to comment, saying it was in a “quiet period” ahead of the release of its quarterly results, scheduled for August 3. The group said in May that it would donate part of the proceeds from the sales to organizations fighting anti-Semitism and racism.
Discussions are underway to determine how much will be donated to each charity, the Financial Times reported, adding that the company had initially chosen five charities in the United States and China. Adidas had forecast a loss this year before announcing plans to sell the remaining Yeezy inventory.
Source: BFM TV
