Adidas weighing possibility of outstanding Yeezy shoe write-off

Adidas is weighing the possibility of a write-off for the outstanding Yeezy inventory that the sportswear company still has. The company said Wednesday a write-off of those products, which it created during its prior partnership with Ye, the rapper previously known as Kanye West, could amount to about $321 million if it decides to go that route. It is still considering its options, like selling more to consumers.

The first sale at the end of May brought in revenues totalling approximately $437 million , according to Adidas. The second in August made $375 million . Adidas brought in about $803 million in revenue from the pair of Yeezy sales. That was 37.5% lower than the 1.2 billion euros Yeezy brought in during the first three quarters of last year, according to the company. It did not sell any Yeezy apparel in the first quarter, the company noted.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Adidas says it may write off remaining unsold Yeezy shoes after breakup with YeAdidas says it may write off the remaining 300 million euros ($320 million) worth of Yeezy shoes left unsold after it cut ties with rapper Ye, formerly known as Kanye West. The company said Wednesday that it will decide in the coming weeks whether to sell them next year to generate more donations to groups fighting antisemitism.
Source: AP - 🏆 728. / 51 Read more »