The Adidas share is in demand on the stock exchange. The first sale of the Yeezy sports shoes after the split from scandal rapper Kanye West is apparently going better than expected.
For a long time it was not clear what would happen to the shoes that rapper Kanye West designed for Adidas. The first sales campaign has now brought higher sales than expected, reports the “Financial Times”.
“FT”: Orders for 508 million euros
After that, Adidas received orders for four million pairs of shoes worth 508 million euros, the newspaper reports, citing people familiar with the business. However, the company has not been able to fulfill all orders, especially for certain sizes and models. Thus, the net turnover was lower.
In order to receive “Yeezy” shoes, customers had to register online in advance and then had the opportunity to order specific models. Adidas itself did not want to comment on the figures, as the DAX company will present its quarterly figures in a few days, on August 3rd.
Adidas ended its collaboration with Kanye West last fall. The rapper and designer had previously made public anti-Semitic comments several times. Production of the “Yeezy” shoes designed by West had been discontinued. For a long time it was not clear what to do with the shoes.
Part of the proceeds will be donated
The new Adidas boss Bjørn Gulden announced in May that he would sell the shoes and donate a “significant” part of the proceeds to organizations that fight against discrimination, racism and anti-Semitism. If Adidas had to dispose of the shoes, it would have incurred an operating loss of around 500 million euros.
Share sometimes daily winner
In the course of the news at the beginning of the week, the Adidas share was traded as the strongest DAX stock at times. This reduces the risk of loss from the once highly profitable partnership with the controversial rapper, according to the market. Since the beginning of the year, the paper has gained a good third.