The German sportswear company saw its operating earnings dwindle as their breakup with the rapper and his popular Yeezy shoe brand cost it millions in lost sales, even as the brand decides what to do with its stock.
It's been nearly seven months since Adidas split with the rapper formerly known as Kanye West, and boxes of his popular Yeezy shoes are still piled up in warehouses.
But with “so many interested parties” involved in the discussions, no decision had yet been reached, he said. Gulden would not say how many pairs of Yeezy shoes that Adidas is stuck holding “because then the consumer would know how many we have and that could have an impact on demand”. Net sales declined 1 per cent in the first quarter, to 5.27 billion euros, and would have risen 9 per cent with the Yeezy line, 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.
Boxes containing Yeezy shoes made by Adidas are seen at Laced Up, a sneaker resale store, in Paramus, N.J., Tuesday, Oct 25, 2022.
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