Report: Adidas sells Kanye West's 'Yeezy' stock for over R6-billion
Adidas has made over R6-billion from selling the first batch of Kanye West‘s leftover Yeezy stock.
Adidas suffered a loss in sales following controversies caused by Kanye West, who now goes by the name Ye, after he made anti-semitic comments on social media last year.
In May, the brand said it suffered an overall loss of 1% in total revenue, reports NME.
To remedy the situation, Adidas is now selling Kanye West‘s leftover Yeezy stock.
READ: Adidas cuts ties with Kanye West over anti-Semitic remarks
According to NME, the business has raised $437-million (over R6-billion) from the sales of the first batch of stock.
The Guardian states that the sale reduced Adidas' expected annual losses by €250m.
Adidas CEO Bjørn Gulden said: “This is much better than destroying and writing off the inventory and allows us to make substantial donations.”
The brand has donated the money made from the sales to several charities, including the Anti-Defamation League (ADL) and the Philonise and Keeta Floyd Institute for Social Change, and Robert Kraft’s Foundation to Combat Antisemitism (FCAS).
It is not clear when the second batch of the shoes will go on sale.
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