The company cut ties with the rapper last year over his antisemitic and offensive comments. Its “options are narrowing' on what to do with the unsold sneakers.
The company cut ties with the rapper last year over his antisemitic and offensive comments. Its “options are narrowing" on what to do with the unsold sneakers.FRANKFURT, Germany — Adidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’sand his popular Yeezy shoe brand cost it 400 million euros in lost sales.
The company is stuck with 1.2 billion euros worth of unsold Yeezy shoes after cutting ties in October with the rapper now known as Ye over hisAdidas was “getting closer and closer to making a decision” on what do to with the sneakers stacked up in warehouses and “options are narrowing,”said Friday in a conference call. But with “so many interested parties” involved in the discussions, no decision had yet been reached, he said.
Gulden declined to say if destroying the shoes had been ruled out, but the company was “trying to avoid that.” He has previously said that other options have drawbacks: from paying royalties to Ye to sell the sneakers, peddling dishonesty if the shoes are restitched, and expected resales if they’re given away to people in need because of their high market value.The company is stuck with $1.
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