© Reuters
Investing.com — Shares in Adidas AG (ETR:) edged higher on Monday after the Financial Times reported that sales of the first batch of the German sportswear group’s unsold “Yeezy” shoes topped its “most optimistic forecast.”
Adidas previously halted sales of the shoes after it cut ties with Ye last year following antisemitic remarks made by the rapper formerly known as Kanye West. The loss of the profitable line took around a $440 million chunk out of first-quarter sales.
In order to avoid a deep write-down on its remaining stock, the Herzogenaurach, Germany-based company announced in May that it would sell some of its leftover Yeezy products and donate the proceeds to different charities that fight antisemitism and racism.
Adidas received orders worth €508M (€1 = $1.1090) for the initial set of 4 million pairs of Yeezy shoes sold from late May to early June, the Financial Times reported, citing people familiar with the matter. The return was above Adidas’ estimates, and helped ease fears within the company that controversy around Ye’s statements would make the Yeezy brand too toxic, the FT added.
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