After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjorn Gulden said Thursday.
reported 400 million euros in lost sales at the start of 2023, the company announced last week.
Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% 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. Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier.
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