Kanye West & Adidas Yeezy Proceeds To Go To George Floyd's Family
Adidas has finalized their plans to get rid of its remaining Yeezy inventory after months of debate.
On Friday (May 19), the German sports giant announced that they will sell their stockpile of Yeezy sneakers with an initial release beginning the end of May 2023.
Proceeds from the sales will benefit not one but two organizations that were impacted by Kanye West‘s hateful rhetoric last year: The Anti-Defamation League and Philonise & Keeta Floyd Institute for Social Change.
“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” said Adidas CEO Bjørn Gulden in a press release. “Selling and donating was the preferred option among all organizations and stakeholders we spoke to.
“We believe this is the best solution as it respects the created designs and 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.”
“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. They have shown real thoughtfulness in engaging with community organizations working to combat this pernicious and stubborn hatred,” added Jonathan A. Greenblatt, ADL CEO.
related news Kanye West Apologizes For George Floyd Comments, Says Adidas Spat Humbled Him October 29, 2022
“Their leadership, in not only condemning anti-Jewish hate but lending their support for education and other initiatives, is exemplary and a model for other public companies to emulate. We thank them for their ongoing dialogue around their remaining inventory and their vested interest in tackling issues of prejudice and hate.”
In its fourth quarter of 2022, Adidas lost $1.3 billion due to the loss of Yeezy revenue. A further $441 million in losses occurred over the last two quarters, making the decision to sell lingering products a financial one rather than what Gulden referred to as a “reputational risk” for the athletics company.
Prior to this, Kanye West had reached an agreement with Adidas to sell nearly $500 million worth of Yeezy inventory after months of back and forth.
Meanwhile, a range of existing Yeezy kicks will be available exclusively through adidas.com/yeezy at the end of the month. According to the press release, this will be the last chance for buyers to secure a pair of the now-defunct brand shoes.
Source: HipHopDX
