May 11, 2023
Adidas to sell Yeezy shoes and donate proceeds
Adidas has decided to sell some of the trainers and other products it made with rapper Kanye West and donate some of the proceeds to charity. Adidas has about 1.2bn euros worth of Yeezy shoes sitting in storage. Last week, Adidas said that if it decided not to "Repurpose" its remaining unsold Yeezy stock, it would hurt its operating profit by €500m this year. The company is being sued by investors who claim Adidas knew about Kanye West's problematic behaviour years before it ended their partnership. Investors allege Adidas failed to limit financial losses and take precautionary measures to minimise their exposure.
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