Adidas to Sell Yeezy Shoes and Donate Proceeds to Charity
Adidas, the German sports brand, is set to sell another batch of its popular Yeezy trainer line and donate a portion of the profits to charity. This comes after the company ended its fashion collaboration with rapper Ye, formerly known as Kanye West, due to his antisemitic comments last year.
The termination of the partnership left Adidas with €1.2bn (£1.02bn) worth of unsold trainers and resulted in the company’s first annual loss in over three decades. In an effort to dispose of the stock, Adidas sold a set of the shoes in May and donated some of the proceeds to charity. The sportswear giant will be doing the same again as its online sale is scheduled to begin on Wednesday.
Adidas has not disclosed the exact amount of money that will be donated or the number of shoes that will be released for sale. However, the company’s CEO, Bjorn Gulden, has stated that they have been in communication with several US-based organizations, including the Anti-Defamation League, a Jewish organization focused on combating antisemitism, and the Philonese and Keeta Floyd Institute for Social Change, run by the brother of George Floyd, a man who was tragically murdered in the US.
In addition to the charitable donations, Adidas has announced that footwear sold in North America will include blue square pins as symbols of rejecting antisemitism.
When asked about Ye’s involvement in the sales and whether he would receive royalties, Adidas stated that they would honor their contractual obligations without providing further details. The company’s first Yeezy sale resulted in a loss of €450m (£385m) this year, compared to €700m (£600m) previously.
The upcoming sale is expected to further boost Adidas’ financial results. It will include popular models such as the Yeezy Boost 350 V2 and the Foam RNR.
Adidas remains committed to finding a solution for the unsold trainers and supporting charitable causes. By selling the Yeezy shoes and donating a portion of the proceeds, the company aims to turn a challenging situation into a positive outcome.
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