Dive Brief:
- As it works to reverse declining sales, Adidas is releasing additional 2022 Yeezy inventory in the coming weeks, the activewear brand announced Monday.
- The inventory will exclusively be available through digital platforms including its mobile app, website and the Confirmed app. The company said it decided to release the remaining products in stages to “ensure a fair and premium experience for consumers.”
- Products include some of the brand’s most popular designs, starting with the 350 V2 shoe in steel grey, according to the announcement. The range of existing products will be available globally in phases.
Dive Insight:
The story of existing Yeezy inventory from Adidas’ previous relationship with rapper and fashion designer Ye, also known as Kanye West, continues.
Despite controversy surrounding the brand, Adidas decided to sell remaining Yeezy inventory last year, and donate a “significant amount” of the proceeds to organizations that combat discrimination, hate, racism and antisemitism. The sneaker giant cut ties with West in 2022 after a series of antisemitic comments.
The first sale of leftover Yeezy inventory resulted in all styles selling out, with the company reporting a drop of 100 million euros worth.
Adidas CEO Bjørn Gulden in August said Adidas had eliminated the possibility of selling Yeezy products without the Yeezy name attached to them. “Our task now is to limit the damage, get rid of the inventory, use the proceeds to good … and build a business later without Yeezy,” he said at the time.
Adidas said earlier this month that it would no longer write off the Yeezy products. Instead, it opted to sell them “at least at cost” this year.
The continuation of Yeezy sales comes as the company tries to turn itself around and catch up to rival Nike. In its Q3 earnings report, Adidas reported a 6.4% dip year over year in North American sales to six billion euros (approximately $6.4 billion at that time). The company said it generated about 350 million euros in revenue from Yeezy product sales that quarter, which was slightly less than what it had generated from the subsidiary brand in Q3 2022.
