Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Adidas to sell Yeezy shoes from defunct Kanye West partnership and donate some proceeds to charity

Adidas to sell Yeezy shoes from defunct Kanye West partnership and donate some proceeds to charity

The German sportswear brand has been in a predicament over what to do with millions of Yeezy brand shoes sitting in storage after their sale was put on hold following the company's high-profile split with Kanye West last year.

Adidas has said it plans to sell some of its Yeezy trainers and merchandise from its defunct partnership with Kanye West and donate some of the proceeds to charity.

The German sportswear giant has been in a predicament over the Yeezy stock after it cut ties with West over his antisemitic comments late last year.

Millions of Yeezy brand shoes with a retail value of €1.2bn (£1.05bn) are sitting in storage after their sale was put on hold - with their value in the resale market rocketing after production stopped, with some models more than doubling in price.


The debacle over the rapper, now known as Ye, contributed to the company's first annual loss in more than three decades.

Adidas chief executive Bjoern Gulden said burning the goods "would not be a solution" and said the firm is trying to sell some of the merchandise "over time", adding that proceeds would be donated to international organisations that West had harmed with his comments.

Adidas, which was criticised for not acting sooner over Ye's remarks, was among a string of companies which cut ties with the 45-year-old after he made antisemitic comments on social media.

Yeezy trainers have been a big hit for the company and are much sought after on the used market, routinely selling for hundreds of pounds.

Mr Gulden said at the company's annual shareholder meeting that it had yet to be determined when and how the planned sale would proceed.

He said the company had decided against donating the sneakers to avoid them reaching the market in a roundabout way.

Shares in Adidas went up 2% following the meeting.

By selling some of the stock, the company is potentially minimising a $700m (£559m) loss this year, but it is unclear how
much stock will be sold and what proportion of the proceeds will be donated.

If the goods are sold, Ye will be entitled to previously-agreed commissions - 15% of turnover, according to media reports.

Mr Gulden defended Adidas's years-long collaboration with the rapper, saying that "as difficult as he was, he is perhaps the most creative mind in our industry".

Comments

Anna 1 year ago
Yes it is all about the $$$$$. Some going to charity likev1 penny pn the dollar if they feel generous

Newsletter

Related Articles

0:00
0:00
Close
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
World's Hottest Day Recorded on July 21
President Biden Returns to White House After Testing COVID Negative
Thousands Protest in Mallorca Against Mass Tourism
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Erdogan Challenges NATO Stance at 75th Anniversary Meeting
Hungary's Orban Shakes Up EU Leadership
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
US Criticizes International Court's Opinion on Israeli Occupation
EU’s Patronizing Attitude Towards Africa Revealed
Ukraine to Receive First One and a Half Billion Dollars of Seized Russian Funds
Netanyahu Denounces World Court Ruling on Israeli Occupation
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Record Heat Temperatures in Ukraine Amid Power Crisis
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
UK Defence Minister Pledges Enhanced Support to Ukraine
French Prime Minister Gabriel Attal Resigns After Election Setback
Macron Faces New Political Challenges Despite Election Relief
France's Far-Right Falls Short in Parliamentary Elections
×