Adidas to sell more Yeezy stock in 2024 as profits dwindle

adidas AG (OTCQX:ADDYY) will continue selling its leftover Yeezy stock in 2024, despite cutting ties with Kanye West, the brand’s creator, in 2022. During the fourth quarter, the group decided to not write off the additional €300 million Yeezy stock it had left over and instead will look to sell it for “at least at cost” in 2024. The decision, along with stronger-than-expected trading in the fourth quarter, meant operating profit reached €268 million for the 2023 financial year, down from 2022’s €669 millio ...