Adidas, the renowned sportswear company, has announced its plans to sell a portion of its remaining Yeezy sneakers at the end of this month.
The move comes after the brand’s partnership with Kanye West, now known as Ye, was terminated due to antisemitic remarks he made last year. With a stockpile of Yeezy shoes valued at a staggering $1.3 billion (£1 billion), Adidas has decided to donate the proceeds from the sales to organizations dedicated to combating antisemitism and racism.
While the exact amount to be donated was not disclosed, Adidas has assured that a “significant sum” will be contributed to causes including the Anti-Defamation League.
Additionally, the company will donate funds to the Philonise & Keeta Floyd Institute for Social Change, an organization established by the brother of George Floyd, whose tragic murder by a police officer in Minnesota in 2020 sparked global protests against racial injustice.
Bjoern Gulden, the CEO of Adidas, stated, “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. There is no place in sport or society for hate of any kind, and we remain committed to fighting against it.”
This initiative by Adidas highlights the company’s commitment to promoting equality and justice while addressing the inventory challenges caused by the dissolution of their partnership with Kanye West.
By leveraging the popularity and value of Yeezy sneakers, Adidas aims to make a positive impact on society and support organizations dedicated to eradicating hate and discrimination.