Adidas to Donate Proceeds from Sale of Yeezy Stock to Charity — Retail Bum

Adidas plans to sell a portion of its discontinued Yeezy merchandise and contribute a fraction of the earnings to global organizations, CEO Bjoern Gulden’s said last Thursday.

Following the severance of ties with Kanye West last year due to his anti-Semitic remarks, the German sportswear powerhouse has been grappling with the Yeezy inventory, causing a decline in its stock value and negatively impacting its profits.

Yeezy brand shoes worth 1.2 billion euros ($1.3 billion) are presently in storage, awaiting their sale, which has been suspended. Due to adidas discontinuing their production, the shoes’ worth in the resale market has skyrocketed, with some models’ prices more than doubling.

In Fuerth, a town in southern Germany, CEO Bjoern Gulden addressed investors following the company’s initial annual loss in 31 years, stating that the timing and process of the intended sale of Yeezy merchandise were still being determined. Gulden expressed that burning the merchandise would not be a viable solution. Instead, the company plans to sell some of it while donating the profits to global organizations that Kanye West, who now goes by the name “Ye,” had harmed through his comments. Gulden stated that adidas had rejected the idea of donating the sneakers to prevent them from…