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The classic Adidas (OTC:ADDYY) Samba sneaker is the must-have shoe of the year, filling a significant void left by the collapse of the Yeezy partnership with Ye, formerly known as Kanye West.
As per the Wall Street Journal report, the Adidas Samba, a soccer shoe turned casual sneaker, is now sported by celebrities to sneakerheads. Adidas aims to capitalize on this trend to fill an estimated $2 billion-a-year gap created by the dissolution of its Yeezy partnership.
“We've been seeing this groundswell of excitement for retro sneakers globally,” said Torben Schumacher, general manager of Adidas Originals. The company is now increasing production of its retro models, potentially reaching a rate of 15 million pairs a year, according to CEO Bjørn Gulden.
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Adidas has faced challenges in keeping up with the demand for the Samba sneaker, which has been selling out faster than the company can restock.
Despite its rich archive, Adidas has historically lagged behind rival Nike (NYSE:NKE) in monetizing its back catalog. However, the company has launched its first global marketing campaign for terrace shoes, including the Samba, Gazelle, and Superstar styles.
Adidas’ stock has seen a 30% rise this year, outperforming a 14% drop in Nike's. The company is set to update investors on its financial performance on Nov. 8.
The retro trend revival has been a boon for Adidas, which had forecasted a full-year loss of around $475 million for 2023 but now expects to lose closer to $105 million.
Image by chinnian on Flickr
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