![]() Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. ![]() The breakup will reduce earnings by 500 million euros this year if Adidas decides not to sell the remaining Yeezy stock, the Herzogenaurach-based company said. ![]() Losing the Yeezy brand is “of course hurting us,” Gulden said in a statement. Gulden would not say how many pairs of Yeezy shoes that Adidas is stuck holding “because then the consumer would know how many we have and that could have an impact on demand.” He has previously said other options have drawbacks: selling the sneakers would mean paying royalties to Ye, restitching them to remove the brand identification would be dishonest, and giving them away to people in need could lead to resale because of their high market value. Gulden, who became CEO in January after the Ye split, declined to say if destroying the shoes had been ruled out but that the company was “trying to avoid that.” ![]() The fate of 1.2 billion euros ($1.3 billion) worth of unsold Yeezy stock is weighing on the German sportswear company as it tries to engineer a turnaround from the loss of the lucrative sneaker line and the continued fallout over its former ties to Ye.Īdidas is “getting closer and closer to making a decision” on what to do with the sneakers and the “options are narrowing,” new CEO Bjorn Gulden said in a conference call Friday after reporting 400 million euros ($441 million) in lost sales at the start of the year.īut with “so many interested parties” involved in the discussions, no decision had yet been reached, he said.Īdidas is stuck with stacks of its flagship Yeezy brand shoes after ending its relationship with Ye in October over his antisemitic and other offensive comments on social media and in interviews. FRANKFURT, Germany (AP) - It's been nearly seven months since Adidas split with the rapper formerly known as Kanye West, and boxes of his popular Yeezy shoes are still piled up in warehouses. ![]()
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