.Adidas CEO Bjorn Gulden admitted during a conference call Friday that Yeezy sneakers are still sitting untouched in its warehouses. Of the current options, Adidas is “trying to avoid' destroying the remaining stock.
As the “options are narrowing” for the abandoned collaboration with rapper Kanye West following his antisemitic and offensive remarks made on Twitter, Gulden says Adidas is “getting closer and closer to making a decision” roughly seven months later. The CEO claimed there were “so many interested parties” in the $1.3 billion worth of Yeezy stock.Of the current options, Adidas is “trying to avoid" destroying the remaining stock.
Yet Gulden also refrained from revealing the number of pairs left “because then the consumer would know how many we have, and that could have an impact on demand.” For that same reason, Adidas is less inclined to consider giving the shoes away as that will only increase the shoes' resale value. During the Friday conference call, the company reported $441 million in losses since the start of the year and stands to lose close to $550 million additionally if the shoes are not sold.
The Yeezy brand accounted for $1.2 billion of Adidas’s sales in 2022, according to a reported analysis.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Yeezy shoes still piled up in warehouses after split with AdidasLosing the Yeezy brand is 'of course hurting us,' the CEO of Adidas said.
Lire la suite »
As sales decline, Adidas faces pressure to find Yeezy fixAdidas is set to update investors on Friday about the unsold Yeezy shoes that have put the German sportswear giant in a predicament since it cut ties with Kanye West over his anti-Semitic comments late last year.
Lire la suite »
Adidas quarterly sales beat expectations despite Yeezy crisisAdidas said on Friday its first-quarter numbers came in better than expected, although sales dipped 1% from a year-ago period.
Lire la suite »
Adidas stock leaps as Europe revenue helps to offset leftover Yeezy inventoryAnalysts say German sportswear giant Adidas’ scale-up operations of its Gazelle, Samba and Campus franchises are positive signs of “underlying brand...
Lire la suite »
Yeezy shoes still stuck in limbo after Adidas split with YeAdidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’s breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it 400 million euros ($441 million) in lost sales.
Lire la suite »
Yeezy shoes still stuck in limbo after Adidas split with YeAdidas still hasn't figured out what to do with $1.3 billion worth of high-end Yeezy sneakers after splitting with the rapper formerly known as Kanye West. The shoes have been sitting in warehouses for nearly seven months since the German sportswear company ended ties with Ye over his antisemitic and other offensive remarks. CEO Bjorn Gulden said Friday that Adidas is “getting closer and closer to making a decision.' He's declined to say if destroying the shoes had been ruled out, but the company is “trying to avoid that.” Adidas reported that the breakup cost it $441 million in lost sales at the start of the year.
Lire la suite »