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Last year, Adidas ended its partnership with artist Ye over his antisemitic comments, which left Adidas deal with approx. $1.4 billion worth of unsold Yeezy inventory. The new CEO, Bjorn Gulden (EX-CEO, Puma), took charge and decided to sell the inventory. Some of the profits will go to charities fighting antisemitism, aiming to mitigate the impact of Ye's comments.
Surprisingly, the first batch of stock sold out quickly and is now selling above the original prices in the resale market. The next round of sales is planned for this month, involving both wholesale partners and Adidas' own outlets. This move has improved Adidas' financial expectations, shifting from a predicted operating loss of approximately £700 million to £450 million.
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