December 7, 2023

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Consumers are buying Kanye West’s Yeezy shoes again en masse, and Adidas raises financial forecasts |  celebrities

Consumers are buying Kanye West’s Yeezy shoes again en masse, and Adidas raises financial forecasts | celebrities

celebritiesConsumers are once again buying fashion goods from rapper Kanye West, 46, en masse, despite his extreme anti-Semitic statements last year. Therefore, the German sports brand Adidas raised its annual forecasts for the second time in three months. The fashion brand still has a large inventory of Yeezy products from the canceled collaboration with the artist and expects an operating loss of €700 million. It seems much better now.

According to a statement, the German group now expects an operating loss of about 100 million euros. This is 600 million euros less than expected. The first estimate was already revised in July to a loss of 450 million euros. Even then, the company sold a large inventory of shoes and apparel from West’s Yeezy line.

In October 2022, Adidas ended its cooperation with the American rapper. “Ye’s recent comments and actions were unacceptable, hateful and dangerous, and violate our company values ​​of diversity, inclusion, mutual respect and fairness,” the statement read.

The company then had a huge unsold stock of Yeezy products that Adidas had launched with the artist. In the end it was decided to sell part of the collection. This generated approximately €400 million for Adidas in the second quarter. Sales will follow. A portion of the proceeds goes to various organizations committed to combating hate, discrimination, racism and anti-Semitism. Adidas announced this

Yeezy sneakers. © AP

Adidas and Kanye’s Yeezy collaboration was worth a total of $1.5 billion. The fashion brand and the rapper have been working together since 2013. In 2016, they turned their collaboration into a long-term contract that is, according to Adidas, “the most important partnership ever between a non-athlete and a sports brand.” The popular Yeezy sneakers are selling like hotcakes, even priced between $200 and $700. West is paid $220 million annually by the fashion brand.

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look. Adidas ends Yeezy collaboration with Kanye West.

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