Adidas ends ‘profit-drought’ as Kanye West’s Yeezys sales shoots

Kanye West’s alleged jinx on Adidas may be over as the company’s decision to sell unsold Yeezy stock has borne fruit as $565 million online orders came in a short span of time.

Several well-placed sources confirmed to the Financial Times that 4 million sneakers were sold within 48 hours after the first batch of sneakers was set up for sale last month.

Due to Ye’s antisemitism controversy, the German sportswear cut ties with him, leaving the footwear’s fate hanged in the balance.

This abrupt decision created a high demand for the coveted brand, which now, translated into more sales for the company.

However, Adidas may not be aiming for profit with these Yeezy sales.

In March, Adidas CEO Bjørn Gulden said the company would “probably not make a profit” on its remaining Yeezy inventory.

As earlier announced, the multi-billion company will direct substantial proceeds from the sales of the fashion mogul’s shoes to NGOs which was gravely impacted by his toxic rhetoric, which includes the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, founded by George Floyd’s brother.

Apart from profit sharing, the German brand will donate over $9 million to these charities, according to the publication.

Interestingly, the Donda hitmaker will be entitled to royalties on the sale, as the company’s boss previously said royalties would be given to the rapper whenever the sneakers were sold.

At one time, the Yeezys sales touched an all-high $1 billion, and, in return, the Grammy winner raked in $220 million, as per Forbes.

Last October, however, West’s continued anti-Semitic rants forced Adidas’ hand to sever its long-tolerated relationship with the rapstar, which cost them dearly, for example, $1.3 unsold Yeezy in the stock.

[Via]