Adidas Rakes in $752 Million in Orders for Unsold Yeezy Shoes
Adidas has reportedly received orders worth over $565 million for 4 million pairs of unsold Yeezy shoes, surpassing the company's expectations. The strong demand for the sneakers could potentially prevent a significant writedown on the remaining stock. Adidas stopped selling Yeezy shoes after Kanye West, the rapper formerly known as Ye, made antisemitic comments. However, the robust demand for the unsold sneakers has alleviated concerns about the brand's reputation. Adidas plans to donate a portion of the proceeds to organizations fighting antisemitism and racism, with discussions ongoing regarding the amount. The final donation is expected to be substantial, as the company is willing to share a significant share of the Yeezy inventory's profits.