ALBAWABA – Renowned sportswear company Adidas has logged one of the largest orders ever recorded for a single pair of sports shoes, bringing the company’s sales to a much better-than-forecast level, news agencies reported Monday.
According to the Financial Times, the order hit $565 million (EUR508 million) for 4 million pairs of the company’s unsold Yeezy shoes.
Reuters reached out to Adidas for a comment, but the company said it was a “quiet period”, ahead of its quarterly results, due August 3.
Strong demand for the first batch of online sales would potentially save the German sportswear company from having to take a big writedown on its remaining stock, FT said.
Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments, Reuters explained.
Losing the highly profitable line hit the company’s first-quarter sales by around $440 million.
However, robust demand for the unsold sneakers has quelled fears at Adidas' headquarters that Ye's outbursts and a drop in marketing in the recent past would have made the Yeezy brand too toxic, FT said, citing sources.
The final amount donated from the sales will be much larger as the company is willing to pay a significant share of the profits from the Yeezy inventory, the report said.
