Adidas reportedly snaps up 508 million euros in first Yeezy sale

Sportswear giant Adidas is believed to have secured orders worth over 508 million euros in the first sale of Yeezy shoes as part of its writedown in the brand’s remaining stock.

Adidas had opted to halt the sale of Yeezy sneakers in October after the downfall of its partnership with the controversial designer and rapper Kanye West following his tirade of antisemitic remarks.

It was later revealed in May this year, that the brand planned to sell its remaining Yeezy inventory as it deduced that destroying the stock would result in a 500 million euros write-off.

The company further claimed that it was intending to donate a portion of the proceeds to charities that tackle racism and antisemitism, including the Anti Defamation League and the Philonise and Keeta Floyd Institute for Social Change.

The first sale offered up 15 different Yeezy models, from slides to more upmarket styles, including the 500 Utility Black.

According to The Financial Times, which had initially reported on the news, demand at the first online sale had exceeded the company’s forecasts, with four million pairs of trainers linked to the final figure.

Sources for the media outlet added that the demand meant Adidas was unable to meet all the orders, despite customers having been required to register online and submit their requests ahead of the sale.

Adidas is also planning to use proceeds from the sale to pay royalties to West, and meet costs related to the ending of the duo’s partnership.