adidas' Third Quarter Results Hint at Slowed YEEZY Sales
Footwear sales only increased by one percent.
adidas recently announced its third quarter results, which detailed an overall six percent increase in sales to around $7.10 billion USD, a number that outperformed analyst predictions. However of that significant increase, footwear sales only increased by one percent and e-commerce grew only 14 percent as opposed to 37 percent in the second quarter. According to Reuters, both statistics are leading analysts to believe Kanye West‘s online sales powerhouse YEEZY division isn’t performing as well as it used to.
Analysts note that when making this prediction, they are comparing numbers to a “major YEEZY launch last year,” which was likely the YEEZY BOOST 350 V2 “Cream White” restock. That particular release reportedly dropped millions of pairs following suit with West’s promise to make YEEZYs more accessible to everyone back in 2017.
adidas Chief Executive Kasper Rorsted confirmed to reporters that the company decided to limit availability of YEEZY product this year in order to keep the brand exclusive, meaning sales could be low simply because the extra product just isn’t available to purchase in the first place. Reuters notes that adidas expects high-performing sales coming from its new soccer products themed around the upcoming 2020 European championships to help offset slow YEEZY performance.
In other adidas news, the company has recently partnered with the International Space Station to launch sneakers into space.
