Adidas CEO Bjorn Gulden announced on Thursday that the company plans to sell its unsold inventory of Yeezy shoes and donate the proceeds to charity. The decision comes after Adidas cut ties with rapper and designer Kanye West, formerly known as Ye, over his antisemitic remarks.
Gulden stated that the company spent months considering options for the unsold sneakers, including destroying them, but ultimately decided to sell them and donate the money to organizations affected by West’s statements. The company has not yet revealed which organizations will receive the donations, and details of the sale have yet to be finalized. Adidas estimated that not selling the existing Yeezy merchandise would cost the company approximately $1.28 billion in revenue and $533 million in operating profit for the year.
Adidas Announces Sale of Yeezy Shoes and Charitable Donation Months After Split with Kanye West
