As per Financial Times, the footwear giant has already donated €10 million EUR and has pledged an additional €100 million EUR to organizations battling anti-Semitism. adidas’ second-quarter financial results read that a majority of the drop sold at full priced, earning another €400 million EUR in Q2 and making up 1% of the brand’s growth. “We are happy with the way the second quarter developed. 2023 is not about trying to show short-term results,” adidas CEO Bjørn Gulden said in a statement, adding that the company is not expected to return to “good and profitable” until 2025.
“We have inherited a situation that was very unfortunate,” Gulden added. “I think the Yeezy business and the [Nike] Jordan business were the only two collabs in the world that were creating these kind of premiums over a longer period. Our task now is to limit the damage, get rid of the inventory, use the proceeds for good and lead the business without Yeezy.”