AP Retail Writer
May 19, 2023
NEW YORK, NY (AP) -- Adidas announced Friday that they will start selling their more than $1 billion in leftover Yeezy shoes later this month. The proceeds of the sale will be donated to anti-racism organizations.
The German sportswear company said that recipients would include the Anti-Defamation League which combats antisemitism, as well as the Philonise & Keeta Floyd Institute for Social Change run by Philonise Floyd. She is the sister of George Floyd, who has become a social justice activist.
Adidas CEO Bjorn B. Gulden said in a press release that after careful consideration they have decided to start releasing the remaining Adidas Yeezy items. All organizations and stakeholders that we spoke with preferred selling and donating. We are committed to combating hate in society and sport.
Adidas ended its partnership with Ye (formerly Kanye) in October 2022 after his antisemitic remarks on social media and interviews.
Adidas announced that the items for sale include both existing designs and designs in development in 2022, which will be available this year.
Gulden, Adidas's annual shareholder meeting held earlier this month said that the company spent months looking for solutions before deciding to sell the items to various charities who were hurt by what Ye had said.
The company stated that this move will not have an immediate impact on its current financial forecast for 2023.