Last October, Adidas ended its partnership with Kanye West, who legally changed his name to Ye, in response to several anti-Semitic comments he made. CNBC reported in February – and the likes of Associated press And rolling stone reported again in early May – that the abruptly severed relationship left Adidas with $1.3 billion worth of unsold Yeezy products. On May 11, Adidas CEO Bjorn Gulden revealed the company’s plan to salvage what can be.
“What we’re trying to do now over time is sell off parts of that inventory and donate money to organizations that are helping us that have also been hurt by Kanye’s statements,” said Gulden to investors, relayed by Complex at the time.
This plan came to fruition today, May 31. Adidas’ official website is headlined by Yeezy, announcing that “some of the remaining inventory” of its products is available on the brand’s app, Confirmed, and promising that “a portion of the sale of these items will be donated to support the fight against discrimination, hatred, racism and anti-Semitism.
An attached press release states that the recipient organizations include the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.
“The release will mark the first time products will be available to consumers since adidas ended the partnership with Yeezy in October 2022,” the press release explained. “Products will be existing designs and designs launched in 2022 for sale in 2023. Additional versions of existing inventory are currently under consideration, but timing is not yet determined. Today’s announcement has no immediate impact on the company’s current financial guidance for 2023.”
“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” Gulden said in a statement. “Selling and donating was the preferred option of all the organizations and stakeholders we spoke to. We believe this is the best solution because it respects the designs created and the shoes produced, it works for our employees, solves an inventory problem, and will have a positive impact in our communities. There is no place in sport or society for hatred of any kind and we remain determined to fight against it.
May 31 Yeezy drop arrives a day later Billboard reported that Adidas’ request for an emergency order refreezing the $75 million held by Yeezy was denied by a federal judge.