Adidas AG is gearing up for another round of sales of Yeezy products as the company aims to boost profits by clearing out the backlog of footwear from its terminated partnership with artist Ye.
In a statement released on Monday, February 26, Adidas announced that in the upcoming weeks, they will be offering a range of Yeezy products, including popular designs like the 350 V2 sneaker in steel gray. Unlike previous sales, this time Adidas will only be selling the products through their digital platforms, excluding some retail partners.
The collaboration with Ye, the rapper and designer formerly known as Kanye West, was ended by Adidas in October 2022 after a series of controversial and anti-Semitic comments made by the artist. The termination was met with criticism for taking too long to address the issue.
Previous sales of Yeezy products have brought in $800 million for Adidas, with $800 million already generated in sales from two product launches since May of last year. This has helped work through 40% of the Yeezy inventory stored worldwide.
Adidas has announced that they will be selling €250 million worth of remaining Yeezy products at cost, rather than writing them off, which could potentially help the company exceed its profit forecast for the year. The decision reflects the continued demand for the Yeezy brand in the market.
Since becoming CEO of Adidas last year, Bjorn Gulden has praised the success of the Yeezy franchise, comparing it to the iconic product line created by Nike with Michael Jordan. Gulden, who was not part of Adidas during the Yeezy collaboration, has faced speculation regarding his involvement in the decision-making process.
The sale of Yeezy products comes as Adidas looks to move on from the controversial partnership with Ye and continue building on the success of the brand.