In a bid to rectify past controversies, Adidas has announced its plan to donate proceeds from the sale of Kanye West's Yeezy shoes, worth a staggering $1.2 billion, to charitable organizations. The beneficiaries include the Anti-Defamation League, known for its efforts against discrimination and antisemitism, as well as a non-profit founded by George Floyd's brother, according to TMZ.
The sportswear giant has committed to selling off the remaining inventory of Yeezy products by the end of this month, with a significant portion of the proceeds earmarked for selected organizations combating hate and discrimination, including racism and antisemitism. While the exact amount allocated for donations remains unclear, reports indicate that approximately $1.3 billion worth of Yeezy products are still available after Adidas terminated its partnership with Kanye West in October.
Adidas CEO Bjorn Gulden expressed the company's decision to sell and donate the remaining Yeezy stock, stating, “Selling and donating was the preferred option among all organizations and stakeholders we spoke to.” Gulden reiterated Adidas's commitment to fighting against hate in sport and society, emphasizing that no form of hate should be tolerated.
The sale of the Yeezys, the final vestige of the West-Adidas collaboration, is set to commence on May 31. Adidas initially contemplated destroying the unsold stock, but Gulden dismissed the notion, stating, “Burning those shoes cannot be the solution.” The company faced a class-action lawsuit from some shareholders in April, alleging that Adidas had failed to mitigate the fallout from the West split, resulting in a decline in the company's stock value.
With this philanthropic move, Adidas aims to make amends for past controversies and demonstrate its commitment to social responsibility. The decision to donate the proceeds from the Yeezy selloff reflects a concerted effort to support organizations working towards inclusivity, equality, and the eradication of hate in all its forms.
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