© Getty Images
German sporting goods manufacturer Adidas has raised its annual expectations for the second time in three months. This happened after some of the Yeezy sneakers, from the canceled collaboration with rapper Kanye ‘Ye’ West, were sold again.
Adidas now expects to make an operating loss of another 100 million euros in 2023. In July it expected an operating loss of 400 million euros, which was already a positive adjustment from the initially expected 700 million euros.
Adidas ended its collaboration with Ye at the end of October last year after he made anti-Semitic statements. It was then left saddled with a large stock of Yeezy sneakers. There was a threat of an operational loss of 700 million euros if that stock had to be completely written off. But in the end, Adidas decided to sell parts of the collection. For example, this yielded 400 million euros in the second quarter. Further sales may follow.
The German company has promised that a “significant” portion of proceeds from Yeezy stock will go to organizations committed to combating hate, discrimination, racism and anti-Semitism.
READ ALSO. Real or fake? Vinted launches service to combat counterfeiting