Adidas receives $565m in orders for first batch of unsold Yeezys

Adidas has sold around 4 million Yeezy shoes for $565m ( £440.7m) in an online sale after serving ties with Kanye West, according to the Financial Times.

The news comes after the German group terminated its agreement with Kanye West in October after the rapper and fashion designer made antisemitic remarks.

It May, the group reached an agreement with the rapper to it would sell some of its outstanding Yeezy inventory because destroying it would force the company to write off another €500mn (£431.8m)

Adidas has also announced that it will be donating a significant portion of the proceeds to charities that combat racism and antisemitism.

Sources told FT that demand at the first online sale of Yeezy shoes, which was spread over the end of May and the start of June, exceeded the company’s most optimistic forecast.

By the end of the sale, Adidas had received orders worth more than €508m (£438.7m) for 4 million pairs of trainers.

They also mentioned that the strength of demand meant Adidas was unable to meet all the orders, particularly for certain sizes and models and customers had to register online in advance and submit their orders for specific models.

While the value of the orders received was more than €508m (£438.7m), the net sales were lower.

Discussions are ongoing over how much the group will donate to individual charities, the sources added.