• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Months after Adidas cut ties with Kanye West, Yeezy shoes are back on sale
Editor's Pick

Months after Adidas cut ties with Kanye West, Yeezy shoes are back on sale

by June 2, 2023
by June 2, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Some of Adidas’ remaining Yeezy shoes are back on sale — months after the German sportswear company cut ties with Ye, the rapper formerly known as Kanye West.

Adidas ended its yearslong partnership with Ye in late October, in light of his antisemitic remarks and other harmful behavior. In the months that followed, the fate of $1.3 billion worth of unsold Yeezys remained unknown — until earlier this month, when Adidas CEO Bjørn Gulden announced the company would be selling a portion of the remaining inventory and donating some of the proceeds to social justice organizations.

The first batch of Adidas’ remaining Yeezys went on sale Wednesday. At this time, the sneakers appear to be available through Adidas’ app “Confirmed,” according to the retailer’s website. Part of the profits will be donated to organizations including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, Adidas says.

Kanye West at Milk Studios in Los Angeles on June 28, 2016.Jonathan Leibson / Getty Images for ADIDAS file

Wednesday’s release marks the first time that Adidas has sold Yeezys since the partnership termination in October. The Yeezy products up for sale include already-existing designs as well as those that were initiated in 2022 and set to be released in 2023, Adidas previously noted.

“We believe (selling and donating these Yeezys) is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities,” Gulden said in an May 19 statement.

At a May 11 annual shareholder meeting, Gulden explained the company made the decision to sell and donate Yeezys after speaking with nongovernmental organizations and groups that were harmed by Ye’s comments and actions.

Some details of Adidas’ plans are still unclear — including how many Yeezys will eventually go on sale and what portion of sales will be donated. The Associated Press reached out to Adidas for further information Wednesday.

Yeezy shoes made by Adidas at Laced Up, a sneaker resale store in Paramus, N.J., on Oct. 25. Seth Wenig / AP file

Cutting ties with Ye cost Adidas hundreds of millions of dollars — contributing to a loss of $655 million in sales for the last three months of 2022, which helped drive the company to a quarterly net loss of 513 million euros.

Adidas reported $441 million in lost sales at the start of 2023, the company announced this month.

Net sales declined 1% in the first quarter, to 5.27 billion euros, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago.

Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier.

Meanwhile, investors also filed a class-action lawsuit against Adidas in late April, alleging the company knew about offensive remarks and harmful behavior from Ye years before terminating its pact with him. Adidas has pushed back on the allegations.

This post appeared first on NBC NEWS
You Might Also Like
  • Rate cuts before the year’s end could make your next trip abroad more expensive
  • Interest rates will likely start coming down this year — but not clear when, Fed Chair says
  • Trump Media shares end week down nearly 20%, losing billions in market cap
  • Senet and UnaBiz Partner to Enable Seamless Local LoRaWAN and Global 0G Network Access for Hybrid IoT Solutions
Share
0
FacebookTwitterPinterestWhatsapp

previous post
How To Benefit From a Big Rotation in Asian Markets
next post
Amazon.com’s Ring will pay $5.8 million after employees spied on customer videos

You may also like

How sustainable diaper brand Kudos is taking on industry giants...

August 6, 2024

Vail stock struggles as strike leads to long lines at...

January 6, 2025

GM’s 2025 EV production capacity target in doubt after Barra...

July 17, 2024

First Republic bank says deposits tumbled 40% to $104.5 billion...

May 3, 2023

Why the Fed keeping rates higher for longer may not...

April 25, 2024

Tesla’s Cybertruck recalled for a fourth time over two separate...

June 26, 2024

Abercrombie expects a strong holiday quarter as growth run continues

November 27, 2024

Elon Musk’s X and Starlink face nearly $1 million in...

September 20, 2024

Analysys Mason’s predictions for the business telecoms market in 2023

December 27, 2022

Home Depot co-founder Bernie Marcus dies

November 6, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Cellular IoT Module Market Update

    January 25, 2023

    Private equity firms circle Peloton for...

    May 8, 2024

    Cavli Wireless Brings the Next-generation CAT1.bis...

    January 5, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here