Adidas to sell leftover Yeezys, proceeds will go to anti-racism groups – Billboard

[ad_1]

Adidas said Friday (May 19) that it will begin selling its leftover Yeezy sneakers worth more than $1 billion later this month, with proceeds to be donated to various anti-racism groups.

The German sportswear brand said recipients will include the Anti-Defamation League, which fights anti-Semitism and other forms of discrimination, and the Philonise & Keeta Floyd Institute for Social Change, led by the lawyer for social justice Philonise Floyd, the brother of George Floyd.

After careful consideration, we have decided to begin shipping some of the remaining Adidas Yeezy products, Adidas CEO Bjorn Gulden said in a statement. Selling and donating was the preferred option of all the organizations and stakeholders we spoke to. There is no place in sport or society for hatred of any kind and we remain determined to fight against it.

Yeezy products have not been available to shoppers since Adidas ended its partnership with Ye, formerly known as Kanye West, in October 2022 following his anti-Semitic comments on social media and in interviews.

The items for sale include existing models as well as models that were in the works in 2022 to sell this year, Adidas said.

At Adidas’ annual shareholder meeting earlier this month, Gulden said the company spent months trying to come up with solutions before deciding not to destroy the items and instead sell them for profit. from various charities who were harmed by what Ye said.

The company said Friday that the move has no immediate impact on the company’s current financial guidance for 2023.

[ad_2]