Adidas Receives Orders Worth $565M For Massive Unsold Yeezy Inventory: Report
Portfolio Pulse from Shivani Kumaresan
Adidas AG has received orders worth $565 million for its unsold Yeezy shoes. The company had stopped selling Yeezy shoes after its partnership with Kanye West ended. The sale of the inventory is expected to save Adidas from a large write-off on its stock. The company had previously predicted a loss in fiscal 2023, the first operating loss in 31 years. Adidas is expected to update its revenue and profit guidance to reflect the initial sale of Yeezy inventory.
July 24, 2023 | 12:53 pm
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Adidas' decision to sell its unsold Yeezy inventory could potentially save the company from a large write-off on its stock. The company's shares closed higher by 1.19% at $95.94 on Friday.
The sale of the unsold Yeezy inventory could potentially save Adidas from a large write-off on its stock, which would have a positive impact on the company's financial performance. This could lead to an increase in the company's stock price.
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