Adidas has sold a batch of unsold Yeezy shoes for $565 million, according to a report by the Financial Times.
Adidas ended its partnership with Kanye West in October 2022 after the rapper made a series of antisemitic comments on social media and in interviews. The partnership had been hugely successful, with Yeezy shoes generating billions of dollars in revenue for Adidas.
However, the controversy surrounding West led Adidas to sever ties with the rapper. The company said that it would continue to sell existing inventory of Yeezy shoes, but it would not be working with West on any new products.
Adidas sold more than €500 million worth of Yeezy shoes in an online sale that exceeded the company’s expectations. The sale, which ran from late May to early June, drew orders for 4 million pairs of shoes. However, Adidas was unable to meet all of the orders, particularly for certain sizes and models.
The sale was part of Adidas’ efforts to clear out its remaining inventory of Yeezy shoes. Adidas said it would donate a significant portion of the proceeds from the sale to charities that combat racism and antisemitism.
The strong demand for Yeezy shoes in the online sale suggests that there is still a market for the product. However, it is unclear how much longer Adidas will be able to sell Yeezy shoes.
The company’s license to produce Yeezy shoes expires in 2026, and it is possible that West will not renew the license.