What Has Happened To The Unsold Adidas Yeezy Shoes? Analysts Expect 4% Q1 Revenue Decline

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  • Adidas AG (NYSE: ADDYY) is expected to provide an update about the unsold Yeezy shoes when it reports Q1 2023 results tomorrow. 
  • In October 2022, the German sportswear giant severed ties with the rapper Kayne West over his antisemitic remarks
  • Also readAdidas Investigates Misconduct Allegations Against Kanye West: Report
  • Later, Adidas announced it is exploring options to sell the Yeezy sneakers in 2023. The company said it stood with the Jewish community and donated over $1 million in November 2022, to the Anti-Defamation League, an international Jewish non-governmental organization.
  • In March 2023, the new CEO Bjorn Gulden said that Adidas is discussing Yeezy footwear with people, including those hurt by West's comment, and could donate the sale proceeds to charities. 
  • An Adidas spokesperson declined to comment on the possible timeline for a decision.
  • Since Adidias stopped producing Yeezy shoes, the product's value has zoomed in the resale market, with some models more than doubling in price, as per Reuters.
  • Analysts expect Adidas's Q1 sales to fall 4% to $5.07 billion, as per the company compiled consensus.
  • Price Action: Adidas shares closed lower by 1.62% at $86.28 on Wednesday.
  • Photo via Wikimedia Commons
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