What Has Happened To The Unsold Adidas Yeezy Shoes? Analysts Expect 4% Q1 Revenue Decline

Adidas AG (NYSE: ADDYY) is expected to provide an update about the unsold Yeezy shoes when it reports Q1 2023 results tomorrow.
In October 2022, the German sportswear giant severed ties with the rapper Kayne West over his antisemitic remarks.
Also read: Adidas Investigates Misconduct Allegations Against Kanye West: Report
Later, Adidas announced it is exploring options to sell the Yeezy sneakers in 2023. The company said it stood with the Jewish community and donated over $1 million in November 2022, to the Anti-Defamation League, an international Jewish non-governmental organization.
In March 2023, the new CEO Bjorn Gulden said that Adidas is discussing Yeezy footwear with people, including those hurt by West's comment, and could donate the sale proceeds to charities.
An Adidas spokesperson declined to comment on the possible timeline for a decision.
Since Adidias stopped producing Yeezy shoes, the product's value has zoomed in the resale market, with some models more than doubling in price, as per Reuters.
Analysts expect Adidas's Q1 sales to fall 4% to $5.07 billion, as per the company compiled consensus.
Price Action: Adidas shares closed lower by 1.62% at $86.28 on Wednesday.
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