Kanye West’s partnership with Adidas may have ended, but the popular Yeezy sneakers are set to make a comeback with a unique approach. In a strategic move to salvage the remaining inventory, adidas CEO Bjorn Gulden unveiled a short-term plan on May 11. He stated that the company intends to sell parts of the inventory and donate the proceeds to organizations affected by Kanye’s controversial statements…
Recently, Adidas put their plan into action, advertising the sale of “some of the remaining inventory” on their official website. A portion of the sales will be donated to support the fight against discrimination, hate, racism, and antisemitism. The collection includes both existing designs and those initiated in 2022 for release in 2023. It’s important to note that this announcement does not impact Adidas financial guidance for 2023.
In a press release, Adidas revealed that the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change will be among the organizations benefiting from the proceeds. The company is also considering releasing additional inventory in the future.
Bjorn Gulden expressed the company’s decision, stating, “Selling and donating was the preferred option among all organizations and stakeholders we spoke to.” He emphasized that Adidas believes this approach respects the designs and produced shoes, resolves inventory concerns, supports their employees, and makes a positive impact on communities. The company remains committed to fighting against any form of hate in sports and society.
The split between Adidas and Kanye West occurred last October due to a series of antisemitic remarks made by West in interviews and on social media. adidas promptly terminated their partnership, citing the violation of their values of diversity, inclusion, mutual respect, and fairness. They ceased production of Yeezy-branded products, ended all payments to West and his companies, and severed ties completely.
During their legal battle, Kanye West made claims that Adidas had frozen his bank accounts, which were initially met with skepticism. However, on May 30, a Manhattan federal judge ruled in West’s favor, denying Adidas emergency order to re-freeze $75 million held by the Yeezy brand. Although this ruling represents a loss for Adidas, they still have the opportunity to pursue a conventional order to impose an asset freeze on Yeezy in the future.
The ongoing developments surrounding the Yeezy brand demonstrate Adidas commitment to addressing the controversy while seeking a positive resolution through the sale of remaining inventory and charitable donations.
