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Monday, May 27, 2024

Adidas reveals when it will sell leftover Yeezy shoes from defunct Kanye West partnership

Adidas reveals when it will sell leftover Yeezy shoes from defunct Kanye West partnership

The company said it will donate the proceeds to organisations fighting antisemitism and racism when it first outlined the plans last week.

Adidas has announced it will start selling some of the shoes from its defunct Yeezy partnership with Kanye West at the end of this month.

The company said it will donate the proceeds to organisations fighting antisemitism and racism when it first outlined the plans last week.

The German sportswear maker was left with Yeezy shoes worth $1.3bn (£1bn) after cutting ties with West, who now goes by the name Ye, over antisemitic comments he made last year.

Adidas did not say how much it would donate, saying only a "significant amount" would be given to organisations including the Anti-Defamation League.

It will also donate proceeds to the Philonise & Keeta Floyd Institute for Social Change.

The institute is run by the brother of George Floyd - an unarmed black man who was murdered by a police officer in Minnesota in 2020.

"We believe this is the best solution as it respects the created designs and the produced shoes, it works for our people,
resolves an inventory problem, and will have a positive impact in our communities," CEO Bjoern Gulden said.

"There is no place in sport or society for hate of any kind, and we remain committed to fighting against it."


The release of some of the shoes marks the first time Adidas has sold Yeezy products to customers since ending the partnership in October.

The value of Yeezy shoes in the resale market has rocketed since, with some more than doubling in price.

Adidas did not specify whether it would seek to control the resale market for the shoes.

It said there could be further releases of Yeezy stock, but no decisions have been made on timing.

The announcement has no immediate impact on the group's 2023 outlook.

"At a time when antisemitism has reached historic levels in the U.S. and is rising globally, we appreciate how Adidas turned a negative situation into a very positive outcome," Anti-Defamation League CEO Jonathan Greenblatt said.

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