August 03, 2023
Kanye West and Adidas ended on an unforgivable note. Yet, the company is obliged to deliver the rap star his reportedly 15% royalty share on Yeezy sales, which netted $565 million on the first order of the initial batch.
Earlier, the German footwear also sold four million sneakers within 48 hours, well-placed sources told The Financial Times last month.
Gauging from the strong sales, the ballpark figure estimated to land with the fashion mogul, depending on his share, would be $85 million so far, as per HypeBeast.
In March, the multi-billion company CEO Bjørn Gulden shared that the company "probably not make a profit" on its unsold Yeezy stock.
But, the impressive demand for the Yeezy sneakers continued sans any stop, despite its founder-tainted past.
And as reports suggest, Adidas' abrupt decision to call off its long-held relationship with the controversial hip-hop star also shot up the demand for the product.
Soon after their divorce, the Yeezy became highly sought-after in the resale market, which, in return, also boosted the company sales when they put them for sale.
Moreover, the company reiterated that a substantial chunk of the proceeds will be forwarded to different civil society groups, such as Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, founded by George Floyd's brother.
Further, an additional $9 million-plus will be donated to these organizations whose cause faced irreparable damage by West's toxic rhetoric last year.