Adidas gets $565mln for first batch of unsold Yeezy shoes

Adidas received more than 508 million euros ($565 million) for its first batch of online sales of the unsold inventory of Yeezy shoes, the Financial Times said on Monday.

In May and June, Adidas got orders for four million pairs which was more than it expected. According to the report, the company was unable to meet the demand.

In May, the company announced that it will start selling some of the Yeezy shoes from its defunct partnership with Ye, or Kanye West, by the end of the month.

It also said that it planned to donate some of the proceeds to organisations fighting racism.