After Complex reported the brand’s plans to pause Yeezy releases last month, Adidas CEO Bjørn Gulden confirmed on a conference call today that it’s exploring the possibility of writing off the remaining Yeezy inventory altogether.
Adidas began selling Yeezy sneakers again in May after terminating its partnership with Kanye West in October 2022 after he made a string of antisemitic remarks on social media. The sales brought in roughly $800 million from the two drops this year, which helped alleviate around 40 percent of the brand’s remaining Yeezy stock. The brand also confirmed it’s currently reviewing its plans to donate €140 million from the Yeezy sales to organizations working to combat discrimination and hate, including racism and antisemitism.
The brand confirmed it has around €300 million worth of Yeezys left and that it’s currently exploring the possibility of writing off its inventory, which would accrue a one-off cost of €200 million.
“We of course hope that we can do more drops next year and that we can get value out of it and donate proceeds to anti-hate groups but right now, financially, we haven’t made the decision,” Gulden said.
Reposted from: www.complex.com