By Helen Reid
HERZOGENAURACGH, Germany (Reuters) – Adidas sold its last remaining pair of Yeezy sneakers in the fourth quarter, it said on Wednesday, ending the process of liquidating stock of the lucrative shoe line developed with rapper Ye, whom the sportswear brand cut ties with in October 2022.
Adidas has been trying to put the Yeezy episode behind it since public antisemitic rants by Ye, formerly known as Kanye West, forced it to end the highly profitable partnership, denting revenues and driving the company to an annual loss in 2023.
The company started selling off its remaining stock of Yeezy shoes in May 2023, pledging to donate part of the proceeds to organisations combating antisemitism, including the Anti-Defamation League.
In annual results reported on Wednesday, Adidas said its revenues from selling off Yeezy sneakers were 650 million euros ($690 million) in 2024, with profits of around 200 million euros.
That’s down from the year before, when Adidas made 750 million euros in revenue from Yeezy inventory, generating 300 million euros in operating profit.
($1 = 0.9410 euros)
(Reporting by Helen Reid; Editing by Mrigank Dhaniwala)
