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☆ A 27-year-old who runs a 7-figure sneaker business made a costly mistake with fake Yeezys. It taught her an invaluable lesson about reselling.
▼ + stars: | 2024-09-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

Before Val Zapata built a seven-figure reselling business, she almost lost it all. "I got caught early in the game with like 50 pairs of fake Yeezys that I had to swallow," the 27-year-old entrepreneur told Business Insider. For the rest of the pairs, "I'm like, 'I don't want to run them all. About four weeks after the sale, the buyer attends Sneaker Con and learns that the slides are, in fact, not authentic. The $2,500 lesson reinforced the importance of trusting but verifying, especially if you're buying from a seller you've never worked with.

Persons: Val Zapata, Zapata, Sneaker Con, I'm Organizations: Service, Business, Sneaker Locations: Colombia

☆ A 27-year-old who quit her job to resell sneakers online explains how she got her start and sourced profitable products
▼ + stars: | 2024-09-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Her business, The Shoe Game Co., started as a hobby before evolving into a side hustle and, eventually, a full-time gig. Sneakers didn't reappear on her radar until the Covid pandemic when work became stressful and her girlfriend encouraged her to reconnect with her childhood hobby as a way to decompress. It was a once-in-a-blue-moon deal that wouldn't have been possible if Zapata didn't know her niche as well as she does. AdvertisementFor a while, however, she says she stuck to what she knew best, which were retro Jordan sneakers: "We didn't veer off. I didn't sell the Nike SB until maybe six months ago because I didn't understand what a Nike SB really was.

Persons: —, Val Zapata, Zapata, Everything's, I'm, Zapata didn't, She's, Holly, Kobe Bryant Organizations: Service, Business, Facebook, GAP, Adidas, Nike, Kobe Locations: Colombia, New York, Texas, Las Vegas, Boston

☆ Pharrell’s Joopiter puts on sale of G-Dragon’s prized possessions
▼ + stars: | 2024-09-08 | by ( Mike Valerio | Stephy Chung | ) edition.cnn.com time to read: +3 min

The sale features dozens of items owned by G-Dragon – an avid collector of art, design and fashion – including works he created and customized himself. Williams’ auction house, Joopiter, is hosting the online sale and an accompanying exhibition, at the Daelim Museum. JoopiterJoopiter has collaborated with a slew of celebrities since Williams founded his “digital-first” auction house in 2022. “The wrong attitude is going in and trying to become a collector.”Nike x Peaceminusone Para-noise Air Force 1 sneakers encrusted with crystals featured in the G-Dragon auction. That is how you build a really beautiful, special collection.”She pointed to Joopiter’s inaugural auction — a sale of almost 50 items from Williams’ personal stash, that raked in over $5 million.

Persons: Louis Vuitton, Pharrell Williams, Williams, Frida Kahlo, Salvador Dalí, Pharrell, —, ” Williams, ”, Kwon Ji, Chanel’s, Joopiter Joopiter, it’s, “, Jackson, Caitlin Donovan, Joopiter, Donovan Organizations: South Korea CNN, Daelim, CNN, Nike, Force Locations: Seoul, South Korea, Yeezys, “

☆ Ye is accusing Adidas of selling 'fake' Yeezys that he didn't approve of and using contract clauses to 'rape' him as an artist
▼ + stars: | 2024-02-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Rapper Ye tore into Adidas in several Instagram posts on Monday evening, accusing his old sponsor-partner of selling "fake" Yeezys when the sportswear brand released a new version of the sneakers. This story is available exclusively to Business Insider subscribers. In a separate video post, Ye claimed that Adidas is suing him for $250 million and of "using contract clauses and 50 years of business experience to rape an artist." "I AM ADIDAS ADIDAS RAPED AND STOLE MY DESIGNS," Ye's Instagram caption partially said. AdvertisementThe press office for Adidas did not immediately respond to a request for comment sent outside regular business hours by Business Insider.

Persons: Ye, yall Organizations: Adidas, Business, The New York Times, ADIDAS ADIDAS, Defamation League, Keeta Floyd Institute for Social

FRANKFURT, Germany (AP) — Adidas said it might have to write off the remaining 300 million euros ($320 million) worth of Yeezy shoes left unsold after it cut ties with rapper Ye, formerly known as Kanye West. The company included the possible write-off of the remaining Yeezy inventory in its outlook Wednesday for its earnings this year, narrowing its expected loss to 100 million euros from an earlier prediction of 450 million euros, thanks in part to the earlier two releases of Yeezy shoes. CEO Bjorn Gulden, who took over after the Yeezy breakup, is leading an effort to recover from the loss of the profitable Yeezy business. He declined to say what the company would do with the shoes if they remain unsold. The breakup with Ye left the company, based in Herzogenaurach, Germany, with 1.2 billion euros worth of unsold Yeezys and searching for a responsible way to dispose of them.

Persons: —, Ye, Philonise Floyd, George Floyd, Bjorn Gulden, Gulden, ” Organizations: — Adidas, Kanye, Adidas, Defamation League, Keeta Floyd Institute for Social Locations: FRANKFURT, Germany, Israel, Gaza, Herzogenaurach

☆ Kanye and Adidas: Money, Misconduct and the Price of Appeasement
▼ + stars: | 2023-10-27 | by ( Megan Twohey | More About Megan Twohey | ) www.nytimes.com time to read: +3 min

Even as they squared off in arbitration, Adidas and Mr. West came to an agreement that served their common interest. But most of the revenue would go to Adidas, and Mr. West was entitled to royalties. “Very unfortunate,” Mr. Gulden said, “because I don’t think he meant what he said.”Days later, Jonathan Greenblatt, the head of the Anti-Defamation League, posted online that Mr. Gulden had apologized for those remarks. “Our stance has not changed.”MethodologyThe grid at the top of this article includes most Adidas Yeezy releases between February 2015 and August 2023. the Yeezy Boost 380 Onyx and Yeezy Boost 380 Onyx Reflective).

Persons: West, George Floyd’s, Matt Powell, “, Bjorn Gulden, Mr, ” —, Gulden, ”, Jonathan Greenblatt, Ye, ” Adidas, Joe Coscarelli, Julie Tate, Rumsey Taylor Organizations: The Times, Adidas, Mr, Defamation League Locations: StockX

☆ Foot Locker reportedly refused to stock Yeezys for Adidas' relaunch of Kanye West's shoe brand over fears of a backlash
▼ + stars: | 2023-08-10 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Adidas is selling off its stockpile of Yeezy shoes following its breakup with Kanye West. But Foot Locker was too afraid of potential backlash to help sell them, Complex reported. Adidas sold $437 million worth of Yeezys in its first batch of sales, with 27% of that going to charity. It took Yeezys off the shelves when Adidas announced it would stop its business with West in October. A spokesperson for Adidas did not confirm to Insider whether Foot Locker had abandoned plans to restock Yeezys.

Persons: Locker, Yeezys, Ye, restock, Erwan Rambourg, Footlocker Organizations: Adidas, Kanye, Service, West, HSBC Locations: Wall, Silicon

☆ Adidas’s Sale of Yeezy Sneakers Brings in 400 Million Euros
▼ + stars: | 2023-08-03 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

The Yeezy sales added €150 million to Adidas’s operating profit for the first half the year, “an incremental amount,” the sportswear maker said. And Adidas reported a steeply lower operating profit for the half-year: €236 million, versus €828 million a year earlier. Adidas began selling its first batch of its remaining Yeezy shoe models in June. But Mr. Gulden refused to elaborate on how much the rapper was making from the sales. Adidas said it has set aside €110 million of its proceeds from the first sale of the Yeezy inventory to donate to organizations.

Persons: Ye, ” Bjorn Gulden, Gulden, “, ” Mr, Philonise Floyd, George Floyd, Robert K Organizations: Adidas, Defamation League, European Jewish Association, Keeta Floyd Institute for Social, Kraft, New England Patriots Locations: North America

☆ Adidas says Kanye West 'mishandled' $75 million of funds that were supposed to be used for marketing the Yeezy collection
▼ + stars: | 2023-07-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Adidas is now asking West to return $75 million of marketing funds, per Bloomberg. The rapper previously said he spent $50 million of marketing money on his gospel choir tour. It relates to a marketing fund that was worth $100 million a year, according to court documents seen by Insider. Adidas says $75 million was paid into two Yeezy bank accounts, but Ye and the companies "mishandled virtually all of the marketing funds," by failing to keep it separate and spending on unauthorized purposes, per Bloomberg. In a 2020 interview on Nick Cannon's podcast, Ye said that he spent $50 million of Yeezy marketing funds on Sunday Service — his gospel choir tour that included flights to Jamaica for 120 people.

Persons: Kanye, West, Ye, Nick Cannon's, Valerie Caproni, — Organizations: Kanye West, Adidas, Bloomberg, Service Locations: Wall, Silicon, Jamaica

☆ You can buy more Yeezys today, if you can get past the app crashes and error messages
▼ + stars: | 2023-06-01 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Customers took to social media to voice their displeasure with the company's Confirmed app. Among the issues, users reported crashes, error messages, and long wait times on draw results. Of the many silhouettes included in the restock, Yeezy Foam Runners, Yeezy Slides, and the "Pirate Black" 350 were the most coveted. Sneakers restocked on the Confirmed app via an online raffle or first-come first serve basis. Many sneakerheads could not enter a draw on the Nike SNKRS app because of app crashes or frozen screens.

Persons: —, Taylor Swift, Nike's SNKRS, Lucy Rouse Organizations: Adidas, Service, Kanye, Nike, Air, Ticketmaster Locations: Chicago

☆ Adidas is re-releasing a popular Yeezy from the past
▼ + stars: | 2023-05-22 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Now, we know the Yeezy Boost 350 "Pirate Black" will be the first to come back on the market. Stadium GoodsThe Yeezy Boost 350 "Pirate Black" was last released in 2016 during the peak of Adidas Yeezy hype. At the time, Adidas produced limited pairs of Yeezys, which fueled consumer demand for models like the Yeezy Boost 350 and Yeezy Boost 750. The "Pirate Black" Yeezy Boost 350 sneakers are one of many Yeezys coming back beginning at the end of May, according to Adidas. Others include popular colorways like the Yeezy 350 V2 "Zebra" and the Yeezy 500 "Utility Black."

☆ Adidas will finally start to move its $1.3 billion mountain of unsold Yeezy sneakers within days
▼ + stars: | 2023-05-20 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Adidas will start offloading its Yeezy stock worth $1.3 billion at the end of May. The company plans to donate proceeds to nonprofits including one run by the sister of George Floyd. Adidas struggled to work out what to do with Yeezy stock after severing ties with Kanye West. In a statement Friday, the company said it would release an initial batch of Yeezy stock at the end of May. "At a time when antisemitism has reached historic levels in the US and is rising globally, we appreciate how adidas turned a negative situation into a very positive outcome," he said, per the Adidas statement.

☆ Kanye West filed a trademark application for 'sock shoes' just days before Adidas said it would sell off unsold Yeezys for charity
▼ + stars: | 2023-05-14 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Ye filed a trademark application for "Yzy sock shoes," which may signal a future product release. It was filed only days before Adidas said it will sell its Yeezy stock and donate profits to charity. His holding company, Mascotte Holdings, filed the application to the US Patent and Trademark Office on May 4. A drawing with the caption "Yzy sock shoes" was submitted alongside the filing. In 2020, Ye's holding company also filed a trademark for Yeezy-branded cosmetics, makeup, and beauty products.

☆ This reseller's side hustle started as a way to get his family out of debt. Now he's made over $1.4 million on StockX by working around 10 hours a month.
▼ + stars: | 2023-04-20 | by ( Danni Santana | ) www.businessinsider.com time to read: +6 min

Ray Cao began reselling sneakers and apparel at 17 to help get his family out of debt. As a teen, Cao's parents racked up gambling debt and invested in penny stocks that backfired, he told Insider. "What got me into reselling was just being desperate to improve the financial situation for my family," Cao said. Ray CaoReselling on StockX costs more but saves timeA turning point for Cao's business came when StockX asked for a meeting a few years ago. "It's true that you don't make the best money on StockX," Cao said, referring to fees the marketplace charges for orchestrating a sale.

☆ A pair of sneakers worn by Michael Jordan just sold for $2.2 million, setting a new world record for the most expensive shoes ever purchased
▼ + stars: | 2023-04-11 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

Sneakers worn by Jordan in the 1998 NBA Finals just sold for $2.2 million. The sale set a new world record, topping the $1.8 million paid for a pair of Kanye West's sneakers. On Tuesday, Sotheby's announced the $2.2 million sale of Air Jordan 13 sneakers worn by Jordan during the 1998 NBA Finals. "That sneaker set the market for the sneaker industry. Rares CEO Sapp, who also played in the NFL, added Jordan sneakers tap into a bigger story that continues to resonate across playgrounds and pick-up basketball courts.

☆ I sell used sneakers on Goat to pay for new pairs to add to my collection. Here's how to guarantee a sale on the resale platform.
▼ + stars: | 2023-04-10 | by ( Danni Santana | ) www.businessinsider.com time to read: +8 min

I've sold shoes in person and on Poshmark, but my favorite platform to sell sneakers is Goat. I have sold shoes in person and on Poshmark over the past year, but my favorite platform to sell sneakers is Goat. The company even authenticates all used shoes, in addition to new, which gives buyers more confidence they are not buying replica pairs. But I'm keeping my options open, especially if StockX begins to allow the sale of used shoes. The platform offers an easy way to sell shoes quickly that you barely wear or have buyer's remorse over.

☆ I placed my first order on Temu, the Chinese e-commerce app. It worked, but the dozens of marketing emails annoyed me.
▼ + stars: | 2023-03-23 | by ( Danni Santana | ) www.businessinsider.com time to read: +7 min

Temu items in original packaging. My temu order arrived with a hole in the package. All four items included in my Temu order. Moving forward, I will keep the Temu app on my phone and scroll through when boredom strikes. Read more: Everything we know about Chinese app Temu.

☆ Forget Yeezys. Adidas' new CEO says Sambas and Gazelles are the 'hottest shoe in the market'
▼ + stars: | 2023-03-13 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Adidas Yeezy is gone, but Adidas terrace shoes like the Samba and Gazelle can pick up the slack. "It's something that if we manage it correctly, can be millions and millions of pairs," he said. Adidas Sambas, Gazelles, and Spezial sneakers, what the company calls Terrace shoes, are having a moment. Gulden called Sambas, Gazelles, and Spezials a very fast-growing "franchise" for Adidas. "I think it's something that if we manage it correctly, can be millions and millions of pairs," Gulden told analysts. "

☆ Adidas thinks this 74-year-old shoe can replace Yeezys
▼ + stars: | 2023-03-11 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

☆ Adidas has received over 500 offers for massive unsold Yeezy merchandise
▼ + stars: | 2023-03-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. That represents a potential €500 million ($527 million) hit to the company’s bottom line. To his point, demand in the secondary resale market for Yeezy shoes is surging. Mocadlo said Impossible Kicks has about $2 million in Yeezy sneaker inventory currently, about 10,000 pairs. Prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform.

☆ Adidas' new CEO came out swinging during his first press conference, calling out Nike's lack of innovation and defending the three stripes
▼ + stars: | 2023-03-09 | by ( Danni Santana | Matthew Kish | ) www.businessinsider.com time to read: +6 min

He stood up for Adidas' performance innovation pipeline while taking a shot at NikeAdidas is always compared to its larger rival Nike. But Gulden took issue with criticisms that Adidas is not innovating enough in its performance business. The Yeezy business is not coming backAdidas has not made a decision on what to do with its stockpile of Yeezys. Given Lorenzo's popularity, the underperformance of the Ivy Park line, and the end of Adidas' Yeezy business, Lorenzo could give the company a needed spark. Gulden took the stage Wednesday in front of a backdrop that featured Jesse Owens and Muhammad Ali, two sports icons and former Adidas athletes.

☆ Adidas hasn't decided whether it's going to take a $526 million hit from not selling remaining Yeezys
▼ + stars: | 2023-03-08 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Adidas split with Ye, formerly known as Kanye West, in October after he made antisemitic comments. On Wednesday, the company said it hasn't decided what to do with its remaining Yeezy inventory. But of late, the company's public statements seem to be leaning towards simply liquidating the remaining Yeezy inventory or destroying it. Regardless of what Gulden and Adidas decide to do with the remaining Yeezy inventory, it will likely be a challenging year. "There is no other Yeezy business in the market," he said.

☆ Adidas CEO worries donated Yeezy's would end up being resold: 'They will come back'
▼ + stars: | 2023-03-08 | by ( Danni Santana | ) www.businessinsider.com time to read: +4 min

Adidas has many options on what to do about its Yeezy Inventory, though none are particularly good. CEO Bjørn Gulden told analysts that even donating Yeezys may be risky, as people could sell them. Adidas Samba Edward Berthelot/Getty ImagesThe question now is where Adidas goes from here in terms of generating brand heat. For Gulden, the answer could be Adidas classics, namely the Samba, but also silhouettes like the Gazelle and Spezial. "We currently have maybe the hottest shoe in the market… and it's the Adidas Samba," Gulden said.

☆ Nike, loaded with new products, is already reaping the benefits of Adidas' struggles after the abrupt end of its Yeezy business
▼ + stars: | 2023-03-03 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

Nike's easy dominance of prominent sneaker releases in February is a sign of things to come. Consumers who bought Yeezys last year will likely switch over to Nike styles, one analyst says. Without a Yeezy business and amid ongoing struggles at Adidas, there is market share up for grabs. February is the first major month of the year for sneaker releases because of the NBA All-Star Game. "Looking ahead, Nike should benefit greatly from the lack of Adidas Yeezys in March," Nikic wrote, alluding to 11 different Yeezy styles that were released in 2022 compared to zero releasing this month.

☆ I started selling shoes on Goat to fund my sneaker addiction. Here's why I prefer it to Poshmark despite the high fees.
▼ + stars: | 2023-02-28 | by ( Danni Santana | ) www.businessinsider.com time to read: +8 min

I started reselling used sneakers in the summer of 2022 to more easily afford my sneaker addiction. In other words, I started monetizing my used sneaker collection for extra cash to buy new shoes. But I'm keeping my options open, especially if StockX begins to allow the sale of used shoes. I'll certainly take advantage of their periodic promotions on seller fees that I've seen be up to 50% off in the past. The platform offers an easy way to sell shoes quickly that you barely wear or have buyer's remorse over.

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