Kanye West: Adidas stuck with over $500m unsold Yeezys
Adidas took the hit of $247 million this year after cutting ties with Kanye West
Adidas is still struggling after an acrimonious breakup with Kanye West. The sportswear giant is stuck with Yeezy sneakers worth more than $530 million after cutting ties with the rapper.
According to Financial Times, the German sportswear giant is finding ways to sell the items under its label to minimize potential losses.
Around 7% of Adidas sales are attributed to Yeezy this year, with an estimated value of $1.8 billion.
Recent public controversies of West led Adidas to nix its partnership with Yeezy, especially after the rapper's antisemitic outbursts. The breakup relationship hit $247 million in profits for the sportswear giant.
Adidas also launched an investigation into West's conduct following a Rolling Stone bombshell report exposing the rapper misbehaved around Yeezy staff.
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