• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Adidas could have to 'literally burn' its $500 million stock of Yeezy shoes

Home> News

Updated 02:31 9 Mar 2023 GMTPublished 02:30 9 Mar 2023 GMT

Adidas could have to 'literally burn' its $500 million stock of Yeezy shoes

If they can’t repurpose the once highly regarded streetwear sneakers, the footwear giant could be at a huge loss.

Charisa Bossinakis

Charisa Bossinakis

Adidas might have to 'literally' burn up to USD $500 million (AUD $759m) worth of Yeezy sneakers.

The global footwear giant is staring down the possibility of a significant loss if they can’t sell the once highly regarded streetwear sneakers.

Just months after dropping their partnership with Kanye West, The Washington Post reported that CEO Bjørn Gulden signaled this month that the company might not sell its Yeezy inventory.

Advert

According to analysts, its entire Yeezy sneaker collection is estimated to be around USD $300 million to $500 million (AUD $455m to $911m).

A. Astes / Alamy Stock Photo

Last month, the German clothes giant reported that it was still contemplating how to rebrand the shoe.

But, whatever happens, it’ll still hugely impact the company.

Advert

In a statement, the company said: "Adidas today published its financial guidance for 2023. While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock.

"This would lower revenues by around €1.2 billion (USD $1.28 billion) and operating profit by around €500 million (USD $534 million) this year.

"Against this background, Adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023.

"The company’s underlying operating profit is projected to be around the break-even level.”

Advert

They added that if they couldn’t decide, ‘this would result in the write-off of the existing Yeezy inventory’.

Ian Dagnall / Alamy Stock Photo

So get those campfires and smores ready because The Washington Post reported that one of the options of getting rid of the remaining Yeezy stock was 'literally burning' them.

However, the CEO remained hopeful that the company could rebrand while becoming profitable again.

Advert

He added: "We need to put the pieces back together again, but I am convinced that over time we will make Adidas shine again. But we need some time."

In October, the company officially cut ties with the controversial rapper after he went on an anti-Semitic tirade, including a tweet that stated he would go 'death con 3 on JEWISH PEOPLE'.

Adidas issued a statement that read: "Adidas does not tolerate antisemitism and any other sort of hate speech.

"Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.

Advert

"After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies.

"Adidas will stop the Adidas Yeezy business with immediate effect."

UNILAD has reached out to Adidas for comment.

Featured Image Credit: Christophe Decaix / Alamy Stock Photo. MediaPunch Inc / Alamy Stock Photo

Topics: Kanye West, News

Charisa Bossinakis
Charisa Bossinakis

Advert

Advert

Advert

Choose your content:

7 mins ago
19 mins ago
an hour ago
  • 7 mins ago

    Hailey Bieber shocks fans with 'savage' 4-word comment in response to husband Justin’s Father’s Day post

    People think they know the meaning behind Hailey's brutal comment

    Celebrity
  • 19 mins ago

    Hugh Hefner's ex Holly Madison reveals truth about ‘tunnels under the Playboy Mansion that led to Diddy's house'

    The former Playboy Mansion resident said people call her a 'tunnel denier'.

    Celebrity
  • an hour ago

    Suspected assassin of Democratic lawmaker and spouse captured alive after FBI released terrifying doorbell camera footage

    Vance Luther Boelter was detained on Sunday evening after a tipoff

    News
  • an hour ago

    Trump sends terrifying warning to these three US cities as he makes major change to ICE deportations

    Donald Trump issued a lengthy order on Truth Social on what he wanted done now

    News
  • Adidas will resume selling Yeezy shoes due to $1.3 billion excess stock
  • Adidas will continue selling its Yeezy shoe line but under a different name
  • Property expert reveals how much Kanye West could have got for Malibu mansion 'if he hadn't made it unliveable'
  • New study finds millions of people could have aggressive deadly disease without even knowing