In a bold move, Adidas decided to sell some of its unsold Yeezy sneakers, and it seems that no one has benefited more from this decision than Kanye West himself. The Yeezy collection has become a sensation, with fans snatching up the slick sneakers like hotcakes. As a result, the rap star has reportedly raked in an impressive $85 million from the current sales, making it a lucrative venture for both parties involved.
According to The Financial Times, within just 48 hours, a staggering four million pairs of Yeezy sneakers were sold. This overwhelming demand has led to a ballpark estimate of $85 million in earnings for Kanye, thanks to his 15% royalty share, as reported by HypeBeast.
Earlier this year, Adidas CEO Bjørn Gulden had expressed doubt about making a profit on the unsold Yeezy stock. However, contrary to those expectations, the sneakers’ popularity showed no signs of slowing down. Despite Kanye West’s controversial past, the Yeezy line continued to attract legions of devoted fans.
Interestingly, Adidas’ decision to sever ties with the hip-hop star may have contributed to the surge in demand for Yeezys. Following their split, the sneakers became highly sought-after in the retail market, which significantly boosted sales for the company.
Amidst this financial success, Adidas is not keeping it all to themselves. The company has announced that a substantial portion of the proceeds will be donated to several civil society groups. Among the beneficiaries are the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, founded by George Floyd’s brother. These organizations faced the brunt of West’s controversial rhetoric last year, and the donations aim to support their causes. A generous contribution of over $9 million will be forwarded to these groups to help them in their efforts to make positive social change.
Kanye West’s Yeezy sneakers have undoubtedly become a driving force behind Adidas’ thriving sales. The collaboration between the rap star and the sportswear giant has proven to be a match made in retail heaven, captivating sneaker enthusiasts and fans alike. As the partnership continues to evolve, it remains to be seen what new heights this iconic alliance will reach in the ever-changing landscape of fashion and music.
