Adidas won't write off remaining Yeezy inventory, plans to sell ‘at least’ at cost
Publishing timestamp: 2024-01-31 14:08:52
Summary
Adidas has announced that it will not write off the majority of its unsold Yeezy inventory and instead plans to sell the remaining shoes at cost. The company had previously considered writing off 300 million euros in unsold inventory after cutting ties with rapper Ye. Adidas managed to generate an operating profit in 2023 and attributes this to its decision to sell the majority of the remaining Yeezy inventory. The company plans to sell the remaining Yeezy products in 2024 at cost price. It is unclear if any portion of the sales will be donated, and the company has no assumed profit contribution from Yeezy in fiscal 2024.
Sentiment: MIXED
Keywords: business, retail industry, kanye, business news, breaking news: business, adidas ag,
Source: https://www.cnbc.com/2024/01/31/adidas-will-not-write-off-remaining-yeezy-inventory.html