Adidas to donate Yeezy proceeds to Anti-Defamation League and other NGOs

Adidas

A sign hangs outside of an Adidas store on February 10, 2023 in Chicago, Illinois. Adidas is expecting to report a loss in 2023 after terminating a lucrative deal with rap artist Ye (formerly Kanye West) after he made a series of antisemitic and racist remarks. The company is now trying to decide what to do with $1.3 billion of the artist’s unsold Yeezy branded merchandise. Scott Olson/Getty Images/AFP

FRANKFURT – Adidas will start selling some of the shoes from its defunct Yeezy partnership with rapper Kanye West at the end of May, the company said on Friday, and plans to donate some of the proceeds to organizations fighting antisemitism and racism.

Adidas cut ties with West, who goes by Ye, in October after he made a string of antisemitic comments in interviews and on social media. The German sportswear maker was left with Yeezy shoes worth 1.2 billion euros ($1.3 billion).

Adidas did not say how much it would donate, saying only a “significant amount” would be given to organizations including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, run by George Floyd’s brother, which aims to fight systemic racism in the United States.

“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,” CEO Bjoern Gulden said.

“There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”

The release of some of the shoes marks the first time Adidas has sold Yeezy products to customers since ending the partnership in October, a decision which triggered several profit warnings as the company revealed how important the Yeezy line was to its profitability.

The value of Yeezy shoes in the resale market has rocketed since then, with some models more than doubling in price. Adidas did not specify whether it would seek to control the resale market for the shoes.

For each shoe sale, Ye will be entitled to previously agreed commissions – 15% of turnover, according to media reports. Adidas has declined to comment on this.

Adidas said there could be further releases of Yeezy stock but no decisions have been made on timing. The announcement has no immediate impact on the group’s 2023 outlook.

“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,” Anti-Defamation League CEO Jonathan Greenblatt said.

Adidas already has a relationship with the ADL, having donated $1 million to the organization in November.

The Philonise & Keeta Floyd Institute for Social Change did not immediately respond to a request for comment on Adidas’ planned donation.

Adidas invited other organizations to propose projects “aimed at combating discrimination and hate through sports.”

RELATED STORIES



Your subscription could not be saved. Please try again.


Your subscription has been successful.

Read Next

Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.

For all the latest Sports News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.