China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
The Beauty Beneath the Expressway: A Journey from Self to Service 
Office design isn’t keeping up with post-COVID work styles - here’s what workers really want 
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
What’s the difference between baking powder and baking soda? It’s subtle, but significant 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Stuck in a creativity slump at work? Here are some surprising ways to get your spark back 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Yes, government influences wages – but not just in the way you might think 
Australian Household Spending Dips in December as RBA Tightens Policy 
Why financial hardship is more likely if you’re disabled or sick 
AI is driving down the price of knowledge – universities have to rethink what they offer 
Adidas' first Yeezy release after parting ways with Ye, formerly Kanye West, generated $437 million, far exceeding projected profits. The company plans to responsibly sell the remaining inventory and donate a portion of proceeds to anti-hate organizations amidst endorsements from Jewish civic leaders.
The initial batch, which sold out, propelled the company to an operating profit of 176 million euros in the second quarter, surpassing its original expectations; a second sale has already begun.
After severing ties with the rapper due to his offensive comments, Adidas CEO Bjørn Gulden emphasized carefully selling the remaining Yeezy inventory.
This approach is more favorable than disposal, enabling significant donations to organizations such as the Anti-Defamation League, the Philonise & Keeta Floyd Institute for Social Change, and Robert Kraft's Foundation to Combat Antisemitism. Adidas has already contributed 10 million euros and plans to donate an additional 100 million euros, with the potential for further donations based on future sales performance, according to Chief Financial Officer Harm Ohlmeyer.
While Jewish civic leaders contacted by The Associated Press expressed their support for Adidas' plan to contribute to anti-hate organizations, they said they were unlikely to purchase Yeezys. Nonetheless, they appreciated the company's efforts to make the best of a challenging situation.
The Adidas CEO noted that the Yeezy sales positively impact cash flow and enhance overall financial stability. The first sale successfully disposed of approximately 20% to 25% of the Yeezy sneakers previously held in warehouses, contributing 150 million euros to Adidas' operating earnings during the April-to-June quarter.
Ohlmeyer cautioned that the Yeezy contribution was lower than anticipated due to excluding certain costs from that figure. Furthermore, Adidas warned that while the first sale featured high-priced shoes that sold out completely, it remains uncertain whether subsequent releases will attain similar demand and price levels.
The rupture in the partnership with Ye placed Adidas in a challenging position due to the widespread popularity surrounding Yeezys. However, the company takes deliberate steps to handle the situation responsibly and supports anti-hate causes.
Photo: Daniel Chen/Unsplash
